Shiba Inu Drops 3.29% Amid Bearish Midterm Outlook

Shiba Inu (SHIB) has experienced a decline of 3.29% over the past 24 hours, with its price currently at $0.00001138. The cryptocurrency's hourly chart indicates that it is in the middle of a local channel, with potential for a resistance breakout and a move to the $0.00001150 zone if buyer pressure continues. However, on a larger time frame, the price remains within yesterday's range, suggesting a lack of strength for a sharp move in either direction. This scenario points to sideways trading within the range of $0.00001120-$0.00001180.

From a midterm perspective, the outlook for SHIB is bearish. If the weekly candle closes below the support level of $0.00001146, the decline could continue to the $0.00001050-$0.000011 area. This bearish sentiment is further supported by technical analysis, which suggests that SHIB could face a 50% drop in the near future, despite a recent spike in the SHIB burn rate, which saw 12,385,936 SHIB destroyed in the last 24 hours.

Despite the recent decline, some analysts predict that SHIB could increase by 8.79% in the next five days, reaching a price target of $0.000012 per SHIB by June 26, 2025. However, other forecasts suggest a more cautious outlook, with predictions of a potential increase to $0.00001268 heading into the summer, followed by a decline to $0.000008544 by June 19, 2030. The price is projected to hit a maximum of $0.000321 by the end of 2030, with an average price of $0.0001137 by July 2030 and $0.0005685 by September 2034.

Investors should closely monitor the market trends and consider the potential risks before making any investment decisions. The current market conditions and technical indicators suggest a volatile period for SHIB, with both upward and downward price movements possible. The recent decline in price and the bearish midterm outlook indicate that investors should exercise caution when considering SHIB as an investment option.