SHIB Price Analysis for February 5
Bears are more powerful than bulls on Sunday, according to CoinMarketCap’s ranking.
SHIB/USD
SHIB is an exception, having risen by 2.76% over the past 24 hours.
On the local time frame, the price has broken the support at $0.00001433, however, bulls are trying to restore the rate. If they manage to do that, growth may continue to the middle of the channel at $0.00001450 tomorrow.
Meanwhile, bulls do not seem so powerful on the daily chart as the rate of SHIB could not keep yesterday’s bullish candle. This statement is also confirmed by declining volume.
Respectively, sideways trading in the area of $0.000014-$0.000015 is the more likely scenario so the meme coin could accumulate more energy for a further move.
On the weekly time frame, the price has made a false breakout of the resistance level at $0.00001519. Currently, the place where the bar closes is crucial for bulls. If it happens near that mark without long wicks, the upward move may continue to the $0.000018 zone.
SHIB is trading at $0.00001438 at press time.
