Despite the recent underperformance compared to its stellar rise in 2021, the Shiba Inu coin (SHIB) community remains hopeful for a potential uptick in value. However, there is a growing concern that prolonged stagnation could lead to investor disillusionment.
An analysis of SHIB’s price movement in the past 24 hours shows a modest decrease of 0.55%, but a closer look at the hourly charts suggests an optimistic trend. If the daily bar closes at or above $0.00001039, there could be potential for the cryptocurrency to reach the $0.00001050 area in the following days.
On a broader timescale, the outlook for SHIB appears less bullish, with the possibility of horizontal trading between $0.000010 and $0.00001050 until the weekend. Investors are closely monitoring the weekly bar closure, as a level around $0.000011 could indicate a resistance break, potentially leading to an increase to the $0.000012 – $0.000013 region.
At the time of writing, SHIB is trading at $0.00001036. Monitoring key levels and patterns across different time frames can provide valuable insights for investors navigating the current market conditions.
It is crucial for SHIB to maintain support levels above $0.00001 to avoid disappointing investors. The performance of the meme coin towards the end of the year and into 2024 remains uncertain—whether it will bring joy to its investors or continue in a holding pattern as seen in 2023.