SHIB Price Analysis for May 5
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Most of the coins have come back to the green zone, according to the CoinMarketCap ranking.
The rate of SHIB has followed the bounce back of other coins, rising by 0.41%.
On the hourly time frame, the rate of SHIB has begun to sharply rise after a false breakout of the local support level at $0.00000984. If the growth can continue to the resistance, there is a chance to see a blast to the $0.00001010 zone tomorrow.
On the daily chart, the situation is less positive as the rate keeps trading near the support at $0.00000965.
If sellers’ pressure continues and the bar closes below the $0.00000980 mark, the breakout may lead to a more profound drop to the $0.000009 area within the next few days.
The weekly time frame is similar to the daily one as the price is slowly approaching the support. If buyers cannot seize the initiative shortly and the bar closes below the previous candle low at $0.00000972, there is a high chance to see a fall to the $0.000008-$0.000009 zone by the end of the month.
SHIB is trading at $0.00000992 at press time.