Market Analysis: SHIB Price Action

SHIB price has declined by 3.34% over the past 24 hours, reflecting short-term negative sentiment. However, on the hourly chart, SHIB is showing signs of recovery, bouncing off the local support at $0.00002707. If buyers can sustain this bullish momentum, the price could gather enough strength to test the $0.000028 resistance area in the near term.

On the daily timeframe, SHIB is staying away from the nearest support level at $0.00002683, suggesting that buyers still need to gather enough momentum for a stronger upward move. In this context, a sideways move between $0.000027 and $0.00002850 seems to be the most likely scenario as market participants await additional signals.

From a medium-term perspective, the focus shifts to the weekly close. A close above the critical $0.00002659 level and away from the lower support at $0.000024 could signal a potential bounce towards the $0.000030 region. At the time of writing, SHIB is trading at $0.00002745, positioning itself in a consolidation phase as market participants watch for a decisive breakout.