SHIB Price Analysis for February 8

Bulls are back in the game at the end of the week, according to CoinMarketCap.

SHIB/USD

The rate of SHIB has risen by 2.22% since yesterday, while the price change over the last week has made up -6.70%.

On the hourly chart, the price of SHIB is on its way to the local resistance at $0.00000630. If its breakout happens, traders can expect a test of the $0.00000640 range tomorrow.

On the longer time frame, one should pay attention to the nearest level at $0.00000642. 

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If the daily candle closes above it, the accumulated energy might be enough for an ongoing upward move to the $0.0000070 area. Such a scenario can be expected over the next few days.

From the midterm point of view, the rate of SHIB has made a false breakout of the previous bar’s low at $0.00000616. If the candle closes far from that mark, one can witness a bounce off to the $0.0000070-$0.0000080 range.

SHIB is trading at $0.00000627 at press time.