Shiba Inu (SHIB) has been displaying a bearish structure accompanied by a noticeable capital outflow, leading to a plunge in its value. Despite the prevailing technical indicators, there is a lingering possibility of a short-term range formation.\u00a0<\/span><\/p>\n At present, the critical resistance on the charts is identified at $0.000007. Notably, this level experienced a brief shift to support earlier in the week, but the bullish momentum was ultimately unable to sustain its grip.<\/span><\/p>\n As of the latest update, the current SHIB price on <\/span>CoinGecko<\/span><\/a> hovers at $0.00000692, with a moderate 24-hour rally of 3.5% and a modest seven-day gain of 1.2%. The recent descent below the trendline support does not necessarily invalidate its strength.\u00a0<\/span><\/p>\n Frequently observed in technical analysis, assets often retest critical support levels to confirm their resilience before any substantial directional shift. If SHIB can promptly reclaim its position above this trendline, it might signal the commencement of a potentially bullish phase.<\/span><\/p>\n Analyzing the four-hour chart, the <\/span>market structure of SHIB<\/span><\/a> took a bearish turn following the decline below the $0.00000693 mark, ultimately reaching the local lows of $0.00000673. Similar market movements were witnessed earlier this month, which led to the plotting of a set of Fibonacci levels.\u00a0<\/span><\/p>\n Notably, the 61.8% and 78.6% levels failed to witness a successful H4 trading session closure above them, despite a brief spike to the $0.00000729 mark. In the last 12 hours, SHIB bulls have managed to put a temporary halt to the prevailing bearish momentum, thereby indicating a possibility of a bounce back towards the $0.000007 level.<\/span><\/p>\n<\/p>\n Evaluating the moving averages, SHIB currently lies below both its short-term and long-term averages, historically indicating the presence of bearish momentum. However, considering the broader context, this positioning could potentially signify a consolidation phase, setting the stage for an imminent reversal in its trajectory.<\/span><\/p>\n The recent market trends have raised concerns regarding SHIB\u2019s long-term trajectory, with the bearish structure and substantial capital outflow posing significant challenges for the cryptocurrency. <\/span><\/p>\n However, market analysts continue to highlight the potential for a short-term range formation despite the persisting technical indicators. As the cryptocurrency grapples with critical resistance levels and the possibility of retesting support, investors remain cautiously optimistic about the potential for a bullish phase.<\/span><\/p>\nShiba Inu: Struggle For Support<\/strong><\/h2>\n
SHIB has a market cap of $4.1 billion today. Chart: TradingView.com<\/a><\/pre>\n
Potential Impact Of Current Market Trends On SHIB\u2019s Long-term Outlook<\/strong><\/h2>\n
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SHIB seven-day price action. Source: Coingecko<\/pre>\n