Shiba Inu (SHIB) is currently experiencing a notable decline, with recent market analysis suggesting a continuation of bearish pressure across multiple timeframes. Investors and traders are closely monitoring key support and resistance levels as the meme coin navigates a challenging market environment, with no clear reversal signals evident in the immediate future.
SHIB's Recent Price Action and Short-Term Outlook
Over the past 24 hours, SHIB has seen its value fall by 3.32%, trading at $0.00000767 at the time of analysis. On the hourly chart, a local support level has been established at $0.00000756. While a strong daily close significantly above this level could potentially empower bulls to challenge resistance, the broader sentiment remains cautious. The current market conditions suggest that immediate upward momentum is unlikely unless there's a significant shift in buying pressure.
Mid-Term Trends and Critical Support Levels
Looking at larger timeframes, technical indicators do not yet show any definitive reversal signals for SHIB. If the daily trading bar closes around current prices or even lower, the downward trend is likely to continue, potentially leading to a test of the $0.000007 range in the near future. From a midterm perspective, SHIB appears to be heading towards a more significant support level at $0.00000678. Should seller pressure persist without abatement, there is a distinct possibility of the price declining further into the $0.0000060 range, indicating sustained bearish momentum for the popular cryptocurrency.
