The market continues to rise, reaching new local peaks as indicated by the CoinMarketCap ranking. The top coins listed by CoinMarketCap include SHIBUSD, which has seen a 4.72% increase in its rate over the last 24 hours. This upward trend is reflected in the hourly chart, where the price of SHIB is on the rise following a false breakout of the local support level of $0.00000847. If the daily candle closes near the resistance, there may be continued growth to the $0.00000880 zone in the coming days.
Looking at the daily chart, it’s important to take note of the resistance level of $0.00000871. A daily candle closing near this level, without a long wick, could be indicative of sufficient accumulated energy for a breakout, potentially leading to further growth to $0.000009. From a midterm perspective, traders should keep an eye on the mirror level of $0.00000876. A false breakout and a subsequent candle closing far from this level could signal an upcoming correction within the next week.
As of now, SHIB is trading at $0.00000865. Taking into account the recent trends and potential resistance levels, it’s essential for traders to monitor the price movements closely in order to make informed decisions regarding their investments. The continuously rising market and the fluctuating rates of SHIB and other top coins highlight the dynamic nature of the cryptocurrency market, requiring vigilance and adaptability from traders.