The cryptocurrency market is once again showing losses, with SHIB being one of the biggest losers, declining by 6.81% in the past day.
Analysis of SHIB Price
Along with the overall market downturn, SHIB's price is approaching a local resistance level of $0.00001188. If buyer pressure continues, a breakout of this level may occur, paving the way to the $0.00001220 zone.
Future Price Movements of SHIB
On a broader time frame, SHIB has shown a false breakout of the $0.00001141 support level. However, even if the daily candle closes far from that mark, buyers may need more time to accumulate energy for further moves. In this case, sideways trading in the range of $0.00001150-$0.000012 is the most likely scenario.
General Trends in the Cryptocurrency Market
From a mid-term perspective, the picture is less optimistic. If the weekly candle closes around current prices or lower, a test of the $0.000011 range is expected soon.
The current trading price of SHIB stands at $0.00001184, and the market trend remains bearish, indicating the need for careful monitoring of future developments.
