Shiba Inu (SHIB) is currently navigating a challenging period, experiencing a notable decline in its price and facing persistent bearish pressure across various trading timeframes. Technical analysis indicates that the popular memecoin is struggling to find any significant upward momentum, prompting a cautious outlook among traders.
Immediate Price Outlook
Over the past 24 hours, SHIB has recorded a 2.72% decrease, with hourly charts consistently reflecting a bearish sentiment. A critical level for immediate attention is $0.00000711; should SHIB's price break below this point, a further decline towards the $0.0000070 area is anticipated in the short term. This immediate downward trajectory highlights the difficulty bulls are having in establishing a reversal, suggesting that near-term support levels are under considerable threat.
Broader Market Sentiment and Critical Support
Looking at longer timeframes, both daily and weekly charts reinforce the prevailing bearish outlook, with no clear reversal signals present. If the daily trading bar closes near the $0.0000070 mark, the accumulated downward pressure could be sufficient to drive SHIB toward a deeper support level at $0.00000678. The weekly analysis paints a similar picture, indicating that if bulls fail to seize the initiative, a significant support breakdown could occur, potentially pushing SHIB into the $0.0000060 range. Currently trading at $0.00000712, SHIB's technical indicators point towards continued downside risk unless a strong bullish catalyst emerges.
