Shiba Inu (SHIB) finds itself in a challenging position, diverging from broader market trends at year-end. Recent analysis points to a prevailing bearish sentiment across various timeframes, signaling potential further declines for the popular meme coin, which has seen a 2.46% drop in the last day.
Immediate Price Action and Bearish Momentum
On the hourly chart, SHIB has been trending downwards, currently approaching its local support level of $0.00000713. Should this downward pressure persist, traders might anticipate a test of the critical $0.000007 area in the very near future. This immediate outlook underscores a significant short-term bearish control over the asset's price trajectory, with SHIB trading at $0.00000717 at press time.
Longer-Term Outlook and Key Support Levels
Examining a broader timeframe reveals an even more pronounced bearish picture for SHIB. The price is currently positioned closer to its support levels than resistance, indicating that sellers hold a stronger hand than buyers. A breach below the crucial $0.000007 mark could trigger a more substantial decline, potentially pushing the meme coin into the $0.00000650 range. From a midterm perspective, buyers have struggled to sustain upward momentum following previous bullish closures, suggesting a likely retest of the nearest support at $0.00000678 over the coming weeks.
