Summary: SHIB Price Prediction for August 3

Shiba Inu (SHIB) Navigates Volatile Market with Mixed Forecasts Despite a general downtrend sweeping across the cryptocurrency market, Shiba Inu (SHIB) has managed to register a slight daily gain, capturing the attention of investors. This analysis dives into SHIB's recent price action, examining its immediate performance and offering crucial insights into its potential short-term and midterm trajectories, highlighting key resistance and support levels. Current Performance and Short-Term Outlook Over the past 24 hours, SHIB recorded an increase of 1.18%, standing out against a backdrop where most major digital assets are experiencing declines. On the hourly chart, SHIB attempted a breakout of the $0.00001223 local resistance, which ultimately proved false. Given that a substantial portion of its daily Average True Range (ATR) has been covered, significant volatility is not anticipated soon. On the daily timeframe, SHIB recently bounced off the $0.00001173 resistance. For sustained growth, the daily bar must close above $0.00001220, potentially paving the way for a move towards the $0.00001250 area. Midterm Prospects and Key Support However, the outlook for SHIB appears less bullish when considering the midterm perspective. If current market conditions persist through the remainder of the week, there is a high probability that SHIB could retest the critical $0.000010 support zone. This projection suggests that while minor short-term gains are plausible under specific conditions, the underlying sentiment for the week remains cautious, indicating potential downward pressure for the popular meme coin. At the time of writing, SHIB is trading at $0.00001218.