The price of Shiba Inu (SHIB) is exhibiting potential for further decline after recent false breakout attempts near critical resistance levels.
Over the past 24 hours, the SHIB/USD pair declined by 3.89%. This drop followed a failure to sustain a price level above the key $0.00001375 resistance zone, marking a false breakout.
Technical indicators currently suggest heightened downside risks. Analysts point to the likelihood of SHIB retesting the $0.000012 support level, with a particularly critical support zone identified near $0.00001282.
In the midterm, SHIB could undergo an extended correction phase. Potential downside targets for this correction range between $0.000011 and $0.000012.
The bearish sentiment surrounding SHIB aligns with observed broader weakness within the cryptocurrency market. This market-wide trend appears driven by investors engaging in profit-taking and exhibiting risk-off behavior.
The near-term price trajectory for SHIB leans bearish. Analysis of key support levels and emerging candlestick patterns indicates a continued risk of further declines.