December 21, 2023 at 02:39 AM GST 1 min read News
  • SHIB’s price has dipped by 0.50% in the last 24 hours.
  • Despite the short-term decline, SHIB’s hourly chart suggests bullish momentum, targeting $0.00001050.
  • On a larger time frame, SHIB lacks strong upward momentum, hinting at potential sideways trading.

Shiba Inu (SHIB) has experienced a slight setback with a 0.50% decline over the past 24 hours. While this may raise eyebrows, a deeper analysis of SHIB’s performance unveils intriguing insights.

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On the shorter time frame, SHIB appears to maintain its bullish momentum, as indicated by the hourly chart. If the daily bar concludes near or above the $0.00001039 level, there’s optimism for an upward push toward the $0.0000105 region in the coming day.

Zooming out to a larger time frame paints a different picture. SHIB has yet to accumulate the necessary strength for sustained growth. In this scenario, the likelihood of sideways trading within the range of $0.000010 to $0.0000105 prevails until week’s end.

However, from a midterm perspective, all eyes are on the weekly bar closure. Should it occur around the $0.000011 mark, traders could anticipate a resistance breakout, potentially propelling SHIB to the $0.000012 to $0.000015 zone.

As the crypto community closely monitors SHIB’s fluctuations, the coin’s potential remains a topic of considerable interest. With the right conditions and sentiment, SHIB may find itself on an upward trajectory in the foreseeable future.

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