SHIB Price Analysis for January 7

The middle of the week is bearish for most of the coins, according to CoinStats.

SHIB chart by CoinStats

SHIB/USD

The rate of SHIB has dropped by 5% since yesterday.

Image by TradingView

On the hourly chart, the price of SHIB is on the way to the local support at $0.00000883. If a breakout happens, the decline may lead to a test of the $0.00000850 mark.

Image by TradingView

On the bigger time frame, the rate of SHIB is going down after a failed attempt to fix above the $0.000010 zone.

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If the daily bar closes near its low, traders might witness an ongoing decline to the $0.0000080-$0.00000850 range by the end of the week.

Image by TradingView

From the midterm point of view, the price of the meme coin is far from the main levels. The volume remains low, which means there are low chances to see sharp moves soon.

SHIB is trading at $0.00000882 at press time.

Source: https://u.today/shib-price-analysis-for-january-7