SHIB Price Analysis for February 7

The cryptocurrency market seems not to have not decided yet which way to go, according to the CoinMarketCap ranking.

SHIB/USD

SHIB is one of the biggest losers today, falling by 3.41%.

On the local chart, the price of SHIB is trading sideways, between the support at $0.00001375 and the resistance at $0.00001424. If buyers can hold the rate above the $0.000014 mark, the accumulated energy might be enough for a breakout, followed by a rise to the $0.00001460 zone.

On the bigger time frame, the price has made a false breakout of yesterday’s low at $0.00001392. If the daily bar closes above that mark, one can expect SHIB trading in the narrow channel between $0.000014-$0.0000145 so the meme coin can gain strength for a further move.

On the weekly chart, one should pay attention to two levels: $0.00001395 and $0.00001519. Currently, the price is located closer to the first one, confirming ongoing sellers’ pressure. If the breakout of that mark happens, the decline may continue to the $0.000013-$0.0000135 area by the end of the month.

SHIB is trading at $0.00001411 at press time.