The price of the cryptocurrency SHIB continues to fall, currently at $0.00001244. Major technical levels are analyzed in light of recent market trends.
Analysis of SHIB's Current Position
The price of SHIB has dropped by 1.41% over the last day. On the hourly chart, the rate bounced off the local support of $0.00001233.
Short-term and Long-term Predictions
If bulls can hold the gained initiative, there is a chance to test resistance by tomorrow. There are currently no reversal signals on larger time frames.
Technical Signals and Support Levels
If the daily candle closes near its low, the drop may continue to the nearest support of $0.00001212 by the end of the week. On the weekly chart, the price of SHIB is falling after the previous bearish closure, with traders anticipating a test of the $0.00001050-$0.00001150 range.
In the current scenario, the price of SHIB is showing negative trends, which may lead to further losses. Monitoring support and resistance levels will be crucial for traders.
