Shiba Inu (SHIB) has started the first weekend of August on a slightly bearish note, trading around $0.00001207 after slipping 1.3% in the last 24 hours, according to data from Bitx
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Low Volume Hints at Calm Weekend Ahead
On the hourly chart, SHIB remains stuck in a tight consolidation range between support at $0.00001195 and resistance at $0.00001227. Trading volume continues to decline, signaling a lack of momentum and reducing the likelihood of sharp intraday moves.
Without a breakout, price action is expected to remain muted, potentially drifting within the channel over the weekend.
Mid-Term Outlook: Key Levels to Watch
On the daily timeframe, SHIB is still trading within the range of the previous candle. If no bounce occurs soon, there’s a real risk of a drop toward $0.00001150, a key support level that has held up during recent pullbacks.
From a weekly perspective, there are no clear reversal signs. If the current trend persists and the week closes near current levels, analysts suggest a possible test of the $0.000010 zone, which would represent a downside move of over 15% from recent highs.
Conclusion: Bulls Need to Step In
As it stands, Shiba Inu’s near-term outlook leans bearish, unless buyers can push price back above $0.00001230 with strong volume. The weekend could remain quiet unless unexpected catalysts enter the market.
SHIB Price at Press Time: $0.00001207
Key Support: $0.00001150
Key Resistance: $0.00001227
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.