SHIB Drops 0.22% as Bearish Trend Continues

The market for cryptocurrencies remains predominantly in the green zone. The rate of SHIB has fallen by 0.22% over the past day, currently trading at $0.00001426. On the hourly chart, the price of SHIB is near the local support of $0.00001414. If the daily bar closes near that mark, the fall is likely to continue to the $0.000014 area soon. On the bigger time frame, the picture is also bearish. The rate of the meme coin is coming back to the support of $0.00001397. If its breakout happens, the accumulated energy might be enough for a test of the $0.00001350 mark. From the midterm point of view, the price of SHIB is falling after a false breakout of the resistance of $0.00001734. However, the rate is far from key levels. In this case, sideways trading in the range of $0.00001350-$0.000015 is the most likely scenario.

According to the analyst's forecast, the price of SHIB is expected to continue its downward trend in the near term, with potential support levels at $0.000014 and $0.00001350. The midterm outlook suggests a range-bound trading pattern between $0.00001350 and $0.000015, with the current price far from key resistance levels. Investors should monitor the $0.00001414 support level closely, as a break below this mark could signal further declines. The overall sentiment remains bearish, with the meme coin's price retreating to support levels and the potential for a test of lower marks in the coming days.