Shiba Inu (SHIB) has recently seen a notable decline in its market performance, sparking discussions among traders about its immediate and mid-term price direction. Despite a generally green market, SHIB stands out with a bearish outlook across various timeframes, suggesting a challenging period ahead for the popular meme coin.
Short-Term Bearish Pressure
Over the last 24 hours, SHIB has experienced a 2.42% decline, signaling a prevailing bearish sentiment. On the hourly chart, the price is trending towards a local support level of $0.00000833. Should this support be breached, analysts anticipate a further drop into the $0.00000820-$0.00000830 range. Expanding to larger timeframes, the outlook remains predominantly bearish, with SHIB approaching critical support at $0.00000826. This indicates that bulls are currently struggling to regain control, potentially leading to a continued downward trend towards the $0.0000080 mark in the coming days.
Mid-Term Uncertainty
Looking at the midterm perspective, the price trajectory for SHIB becomes less clear. The meme coin's value is currently positioned far from both significant support and resistance levels. This equilibrium suggests a period of consolidation, where neither buyers nor sellers are exerting dominant influence. Consequently, traders should not anticipate any sharp price movements or significant volatility for the remainder of the month. SHIB is currently trading at $0.00000836, reflecting this cautious and somewhat stagnant market phase.
