Most of the coins have continued their fall at the beginning of the new month, according to CoinStats.

Top coins by CoinStatsSHIB/USD

The price of SHIB has gone down by 2.69% over the past day.

Image by TradingView

On the hourly chart, the rate of SHIB has broken the support level of $0.00001355. While the price is below that mark, bears are more powerful than bulls. In this case, the drop may continue to the $0.00001330-$0.00001340 zone.

Image by TradingView

On the bigger time frame, the price of the meme coin is far from its key levels.

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However, if the daily candle closes near its low, there are chances of a test of the $0.0000130 area the upcoming week.

Image by TradingView

The weekly chart of SHIB is also bearish. If the situation does not change and a breakout of the $0.00001266 level happens, traders may witness an ongoing downward move to $0.000010.

SHIB is trading at $0.00001358 at press time.