SHIB Price Analysis for January 5

Bulls are trying to hold the initiative, however, there are some exceptions, according to CoinStats.

SHIB chart by CoinStats

SHIB/USD

Unlike other coins, the price of SHIB has declined by 2.51% over the last day.

Image by TradingView

On the hourly chart, the rate of SHIB has made a false breakout of the local support at $0.00000862. However, if a bounce back does not happen and the daily bar closes near that mark, the correction may continue to the $0.00000850 area.

Image by TradingView

On the bigger time frame, the price of SHIB has failed to keep rising after yesterday’s bullish closure. If the situation does not change by tomorrow, traders are unlikely to see sharp moves.

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In this case, sideways trading in the range of $0.00000860-$0.000090 is the more likely scenario.

Image by TradingView

From the midterm point of view, one should focus on the nearest level at $0.00000918. If a breakout happens, the accumulated energy might be enough for a move to the $0.000010 range.

SHIB is trading at $0.00000874 at press time.

Source: https://u.today/shib-price-analysis-for-january-5