The crypto market is mainly controlled by sellers today, according to CoinStats.
SHIB chart by CoinStatsSHIB/USD
The price of SHIB has declined by 3.73% since yesterday.
Image by TradingViewOn the hourly chart, the rate of SHIB has made a false breakout of the local resistance of $0.00000799. If the daily bar closes far from that mark, one can expect a return to the support by tomorrow.
Image by TradingViewOn the longer time frame, the price of the meme coin is closer to the support than to the resistance level.
If bears’ pressure continues and the bar closes near the $0.00000755 level, traders can expect a breakout, followed by a test of the $0.0000070 zone.
Image by TradingViewFrom the midterm point of view, the picture is similar. If the weekly candle closes below the $0.00000755 level, the accumulated energy might be enough for a move to the next support of $0.00000678. This scenario is relevant for the rest of the month.
SHIB is trading at $0.00000790 at press time.
Source: https://u.today/shib-price-analysis-for-december-16
