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SHIB Price Analysis for July 19
In a surprise turn of events, the Shiba Inu (SHIB) price has taken a drastic downturn, dropping by a staggering 0.43% over the past 24 hours. This unexpected development has left many market analysts and enthusiasts questioning whether this decline marks the beginning of a larger bearish trend or simply a minor correction.
According to recent data released on CoinStats, bears have taken control of the market at the start of the weekend, casting doubts on SHIB’s prospects for reaching its previously recorded highs. The hourly chart displays an unmistakable downtrend after setting a local resistance of $0.00001534. If this trend continues uninterrupted, it is possible that the price will decline to $0.00001445 by tomorrow.
On the bigger time frame, bulls are struggling to break through local peaks. Considering yesterday’s candle, it seems unlikely that buyers will be able to gather momentum for a further surge without some additional external influence.
In this scenario, traders may witness sideways trading within the range of $0.000014-$0.000015 in the near future. As SHIB is currently trading at $0.00001478 as of press time, investors are left wondering whether the current downward trend will persist or reverse.
The overall outlook for SHIB’s price prediction remains unclear, and it would be wise for traders to wait for confirmation before making any major investment decisions.
Source: u.today
