Shiba Inu (SHIB) continues to draw close scrutiny from market observers, with recent analysis shedding light on its immediate price movements and potential future trends. Despite a slight uptick in the last 24 hours, the meme coin faces critical junctures that could dictate its trajectory in the short to mid-term, largely influenced by current trading volumes and key support levels.
Immediate Price Action
On the hourly chart, SHIB has established a local support level at $0.00000779. For traders, the key indicator for tomorrow's performance will be whether the daily bar closes significantly above this point. Should it manage to do so, a bounce toward the $0.0000080 zone could be anticipated, signaling a potential upward movement in the very short term.
Longer-Term Trends and Bullish Hesitation
Looking at the broader daily timeframe, SHIB has yet to capitalize on yesterday's bullish closure, failing to show sustained upward momentum. If the daily candle concludes around current price levels or lower, there's a strong likelihood of an ongoing correction. This could see the token retreating to an interim support level of $0.00000750. From a midterm perspective, SHIB currently sits closer to its support than its resistance, and crucially, low trading volume suggests that buyers are not yet ready to drive the market forward with conviction.
