Shiba Inu (SHIB) has experienced a notable decline, losing -3.29% against the US Dollar in the last 24 hours. The cryptocurrency underperformed the broader market, which saw a -0.15% decrease in total market cap during the same period. SHIB also recorded a -2.38% loss against Bitcoin.

The short-term outlook for SHIB remains bearish, with the coin trading 52.32% below its predicted value for November 8, 2024. Despite a 113.51% increase over the past year, recent trends show a -2.71% decline in the last month. Key support levels are consistent at $0.000017, while resistance levels hold at $0.000018.

Market sentiment is currently bearish, with 66% of indicators signaling a negative forecast. The Fear & Greed index reads 69 (Greed), suggesting potential overvaluation. Investors should remain cautious as the cryptocurrency market continues to display significant volatility.