The SHIB price has shown a decline of 1.82% over the last 24 hours, despite the overall rise of most cryptocurrencies, causing SHIB to lose ground against positive trends among other altcoins.
Decline in SHIB Price
SHIB's price has fallen by 1.82% over the past 24 hours, reaching $0.00001314 at the time of writing.
Current Situation Analysis
On the hourly chart, SHIB has shown a false breakout of the local support at the level of $0.00001302. It was also noted that much of the ATR has been passed, reducing the likelihood of sharp movements tomorrow.
Price Movement Prospects
From a longer-term perspective, the meme coin's rate is declining following yesterday's bearish closure. If the bar closes near its low, further decline to the $0.00001250 area seems likely. In the midterm, SHIB's price is far from support and resistance levels, which may limit volatility this week.
The SHIB price remains under pressure despite the overall growth of the crypto market. There is a likelihood of further decline if current trends persist.
