The cryptocurrency market is exhibiting bearish sentiment, particularly concerning the SHIB token, which has recently shown a price decline. This article discusses current trends and possible support levels.
Current Price Dynamics of SHIB
The price of SHIB has decreased by 0.8% since the last report. On the hourly chart, the token's price is near a local support level of approximately $0.00001140.
Support Levels and Possible Scenarios
Should the price break below the current support, a decline could continue into the $0.00001130 range. On a larger time frame, the meme coin is approaching a support level at $0.00001116. If the price fixes below this mark, a drop towards the $0.000011 area might occur.
Bull Market Prospects
From a midterm perspective, bulls have failed to maintain the rise after the previous bullish closure. If buyers wish to continue the upward trend, they must restore the SHIB rate above the $0.000012 zone.
The current situation in the SHIB market indicates a predominance of bearish sentiment. Despite the potential for improvement at key levels, the asset remains under pressure.
