The cryptocurrency market continues to face pressure, with noticeable price declines affecting several altcoins, including SHIB. Let's review the current situation and predictions.
Current SHIB Price
The price of SHIB has decreased by 0.42% over the last 24 hours. Currently, the token is priced at $0.00001438.
Technical Analysis of SHIB
On the hourly chart, SHIB is closer to support than to the resistance level. If upward momentum continues, a test of the resistance level may occur tomorrow. In the longer timeframe, the situation also appears more bearish.
Short-Term Forecast
If the daily candle closes below $0.00001397, traders may see a support breakout followed by a move to the $0.00001350 area. In the medium term, attention should be paid to the weekly candle closure. If it closes below $0.00001397, the decline may continue towards the $0.000012 level.
According to the current analysis, the cryptocurrency market is under pressure, and the SHIB price continues to decline. Traders should closely monitor support levels and upcoming changes.
