SHIB price has declined 6.41% in the last 24 hours, trading at $0.00000896 amid broader market downturns. Key support levels sit at $0.00000889, with potential drops to $0.00000880 or lower if breached, according to data from CoinMarketCap and TradingView charts.
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SHIB faces immediate resistance at local support zones on hourly charts.
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The token shows no reversal signals in midterm trends, focusing on daily candle closures.
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Broader crypto market decline impacts SHIB, with top coins like Bitcoin and Ethereum also down, per CoinMarketCap statistics.
Discover the latest SHIB price analysis: down 6.41% today at $0.00000896. Explore support levels and midterm outlooks for informed trading decisions. Stay updated on Shiba Inu trends now.
What is the Current SHIB Price and Short-Term Outlook?
SHIB price currently stands at $0.00000896, reflecting a 6.41% decline over the past 24 hours amid ongoing market volatility. Data from CoinMarketCap indicates this drop aligns with broader cryptocurrency trends, where major assets are experiencing similar pressures. Traders should monitor the hourly chart closely, as the token hovers near critical support at $0.00000889, with risks of further descent if support fails.
The market keeps going down today, according to CoinMarketCap.
Top coins by CoinMarketCap
How Does SHIB Perform on Hourly and Daily Charts?
On the hourly chart, the price of SHIB remains precarious near the local support of $0.00000889, based on TradingView analysis. A failure to rebound could lead to a slide toward the $0.00000880 range, potentially exacerbating losses in a bearish environment. This level represents a pivotal point for short-term traders, as historical data from similar setups shows quick follow-through declines when support breaks.
Image by TradingView
Shifting to longer time frames, SHIB’s rate appears distant from major resistance or support clusters. Analysts emphasize focusing on the daily bar’s closure relative to yesterday’s candle low, which could signal continued correction if breached. In this scenario, the next target becomes the $0.00000832 support level, a zone tested multiple times in recent weeks without strong rebounds, per TradingView indicators.
Image by TradingView
If the daily close occurs around or below yesterday’s low, the correction is likely to extend further. This pattern aligns with observed behaviors in meme coins during market-wide sell-offs, where liquidity thins out and downward momentum builds. From a midterm perspective, no clear reversal signals have emerged yet, leaving room for additional downside pressure.
Should the $0.00000832 level give way, a test of the $0.00008 zone becomes probable, drawing from technical patterns documented in prior cycles. SHIB is trading at $0.00000896 at press time, underscoring the urgency for investors to assess risk exposure carefully. Market data from CoinMarketCap highlights how interconnected SHIB’s movements are with top cryptocurrencies, amplifying the impact of Bitcoin’s own volatility.
Image by TradingView
Expert analysis from cryptocurrency trading platforms like TradingView suggests that volume indicators remain subdued, which often precedes prolonged consolidations or deeper corrections. This setup demonstrates the importance of multi-timeframe analysis in navigating SHIB’s current trajectory, ensuring decisions are grounded in empirical chart data rather than isolated hourly fluctuations.
Frequently Asked Questions
What Support Levels Should SHIB Traders Watch Today?
Key support for SHIB sits at $0.00000889 on the hourly chart, with $0.00000880 as the immediate downside target if breached. Daily analysis points to $0.00000832 as a critical longer-term level, based on recent TradingView chart patterns and CoinMarketCap price data, helping traders anticipate potential bounces or further declines.
Is SHIB Experiencing a Broader Market Correction?
Yes, SHIB’s 6.41% drop mirrors the overall cryptocurrency market decline, where top assets like those listed on CoinMarketCap are down significantly. This natural correlation means SHIB could stabilize if Bitcoin rebounds, but current indicators suggest monitoring daily closes for confirmation of ongoing pressure.
Key Takeaways
- Immediate Risk: SHIB price at $0.00000896 tests hourly support at $0.00000889, with no quick rebound in sight per TradingView.
- Daily Focus: Watch closure against yesterday’s low to gauge extension toward $0.00000832, aligning with market-wide trends from CoinMarketCap.
- Midterm Caution: Absence of reversal signals raises chances of testing $0.00008; consider position sizing to manage volatility.
Conclusion
In summary, SHIB price analysis reveals a 6.41% decline to $0.00000896, with critical supports at $0.00000889 and $0.00000832 under scrutiny amid a falling market. Insights from CoinMarketCap and TradingView underscore the need for vigilant monitoring of chart patterns. As cryptocurrency dynamics evolve, staying informed on these levels positions traders for strategic responses in the coming sessions.
