Anticipated SHIB Cost Movement on August 24th

In the world of cryptocurrencies, the price of Shiba Inu (SHIB) has witnessed a minor setback, with a decline of 2.32% over the past 24 hours. As of now, SHIB is trading at $0.00001294.

Analysts from CoinStats and CoinGlass have been discussing the potential price development of SHIB over the weekend. Their prognosis indicates an increase in short positions and bearish signals, suggesting a further decline due to rising selling pressure in the broader cryptocurrency market. This includes technical outlooks pointing towards a risk-biased downward trend for Shiba Inu.

The hourly chart shows that the rate of SHIB is near the support of $0.00001273. However, any significant moves are unlikely to occur by tomorrow, as neither side is currently dominating the market.

From a midterm perspective, the ongoing sideways trading in the range of $0.000012-$0.000014 seems to be the more likely scenario due to low volume. On the bigger time frame, the price of SHIB is in a wide channel between the support of $0.00001173 and the resistance of $0.00001428.

It's important to note that if a bounce back does not happen by the end of the day, one can expect a correction to the $0.00001250 range for SHIB.

As always, users are advised to conduct their own research and consult financial experts before making any investment decisions. It's crucial to remember that U.Today is not liable for any financial losses incurred while trading cryptocurrencies.

In conclusion, while SHIB has seen a minor decline, the market outlook remains uncertain. Keep a close eye on the price movements and make informed decisions based on your research.