$SHIB Price Analysis – 1-Day Timeframe

Current Price: $0.00001833 (-1.24%)

Shiba Inu (SHIB) has experienced a decline of 1.24% in the past day, falling to $0.00001833. The chart shows a volatile trading session, with SHIB initially reaching a high of $0.0000197 before steadily trending downward, testing support levels along the way.

Key Technical Indicators:

1. Trend: The price action suggests a bearish trend for the day, with lower highs and lower lows indicating continued selling pressure. The initial spike to $0.0000197 was quickly followed by a sharp drop, and the subsequent trading has not shown a strong recovery.

2. Support & Resistance Levels:

• Immediate Resistance: The high at $0.0000197 serves as immediate resistance. If SHIB attempts to rebound, it would need to break this level to signal a potential reversal.

• Immediate Support: The recent low at $0.00001824 acts as short-term support. A break below this level could lead to further downside movement.

3. Volatility & Sentiment: The chart demonstrates notable volatility, with sharp peaks and valleys. This pattern indicates a mix of buying and selling interest, though the prevailing sentiment appears bearish as buyers struggle to sustain upward moves.

Technical Outlook

The bearish trend suggests that SHIB might face additional selling pressure unless it can establish a solid base near the current support at $0.00001824. If buyers step in and the price rebounds above $0.0000197, it could indicate a potential trend reversal. However, a break below the support may lead to further declines.

The technical analysis indicates a bearish outlook for SHIB in the short term, with support at $0.00001824 and resistance at $0.0000197 as key levels to watch. Traders should monitor these levels, as a break in either direction could signal the next significant move for Shiba Inu.#BTCBreak71K #BTCETFDemandSurge #BinanceBlockchainWeek #EthereumPectraUpgrade