Today, the SHIB market shows weakness from the bulls. The SHIB token price has decreased by 6.47% over the past day.
Current State of SHIB/USD
At press time, SHIB is trading at $0.00001354. This decline is attributed to bearish dominance, indicating a possible continuation of the correction.
Hourly Chart: Correction Pattern
On the hourly chart, the SHIB rate is declining after a false breakout of the local resistance at $0.00001398. If the daily candle closes significantly below this mark, the correction might continue towards the support level.
Overall Analysis and Forecast
On a larger time frame, the price is far from key levels. If the candle closes around current prices, sideways trading within the range of $0.000012-$0.000014 is more likely. On the weekly chart, sellers maintain pressure, with the rate approaching the support level of $0.00001231. A breakout here could lead to a test of the crucial area near $0.000010 by the end of the month.
These data indicate the current weakness of SHIB and possible scenarios for the situation's development in the near future.
