SHIB Price Analysis for December 31

The end day of the week is rather bullish than bearish; however, there are some exceptions to the rule, according to CoinMarketCap.

SHIB/USD

The rate of SHIB has declined by 1.15% over the last 24 hours.

On the hourly chart, the price of SHIB has set a local support at $0.00000705. If buyers’ pressure continues and the daily candle closes near the resistance or above that mark, the upward move is likely to continue to the $0.00000720 range.

On the longer time frame, the rate of SHIB remains under sellers’ pressure. If a breakout of the $0.000007 mark occurs, the accumulated energy might be enough for a more profound drop to the $0.0000678 support.

From the midterm point of view, the situation is similar. The price of the meme coin is coming back to the support at $0.000007. 

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If the weekly bar closes below that mark, traders may expect an ongoing correction to the $0.00000650 zone.

SHIB is trading at $0.00000709 at press time.