Shiba Inu (SHIB) has recently experienced minor price fluctuations, prompting a closer look at its potential short-term trajectory and more cautious mid-term outlook. This analysis dissects the key technical levels influencing its current momentum and highlights critical junctures that could dictate its path in the coming days and weeks.
Immediate Price Momentum and Resistance
Over the last 24 hours, SHIB has seen a modest increase of 0.50%. On the hourly chart, a local support level has formed at $0.00001009. Should bulls successfully maintain this position and the daily candle closes above $0.000010, SHIB could potentially advance towards the $0.00001026 resistance mark by tomorrow. Looking at a broader daily timeframe, a crucial resistance level lies at $0.00001053. A decisive breakout above this point could signal an upward move, potentially leading to a test of the $0.000011 psychological barrier in the near future.
Mid-Term Outlook: Caution Ahead
Despite the potential for short-term gains, the midterm perspective for SHIB appears less optimistic. Traders and investors are advised to exercise caution as the weekly chart presents a less bullish picture. If the weekly closing price hovers around current levels or drops lower, there is a significant possibility of an ongoing correction. Such a scenario could see SHIB potentially fall towards the $0.000007 mark, indicating a notable downturn from its current trading price of $0.00001014.
