On the last trading day of the week, bears maintain the initiative in the SHIB market, as evidenced by recent price changes.
Current SHIB Dynamics
The SHIB rate has dropped by almost 7% over the last day. On the hourly chart, the price remains bearish. If a breakout of the local support at $0.00001690 occurs, a test of the $0.00001650 area can be expected shortly.
Daily Chart Analysis
On the daily time frame, sellers remain more active. If the candle closes around the current prices, traders may witness a further decline to the $0.00001550-$0.000016 zone by the end of the upcoming week.
Midterm Prospects
From a midterm perspective, the SHIB price is approaching the support level of $0.00001550. If buyers cannot seize the initiative, there is a chance of testing the $0.000014-$0.000015 range.
Current market trends indicate a bearish sentiment in the SHIB market. If buyers cannot take control, the price may continue to decline.
