Cryptocurrency SHIB is continuing to feel the pressure of sellers on the market as it holds its spot at the CoinMarketCap ranking. Over the past 24 hours, the price of SHIB has seen a 5.16% increase, though this hasn't been enough to make any major changes in the outlook of the asset. Right now, the rate is in the middle of the channel, leading analysts to believe that sideways trading is the more likely scenario at current levels.

To experience any major growth, buyers need to push the rate beyond the $0.00001150 mark, allowing for a breakout in the channel and a potential rise to the $0.0000120 zone. Currently, SHIB is being traded at $0.00001120.

Though the situation doesn't seem hopeful short term, the increase of 5.16% has brought investors some faith for the future. On a weekly time frame, with the closure of the week yet to come, if buyers manage to make a significant move, there is a high chance of seeing a growth to the $0.000012-$0.000013 mark.

Overall, SHIB is seeing a positive reaction to the presence of buyers on the market, with appears to be a viable support system at certain levels. Prospective investors could wait to see a breakout before investing, but will need to do their own due diligence to play it safe.



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