Forecast for Shiba Inu (SHIB) Price This Week

Shiba Inu's (SHIB) price has been on a downward trend, despite multiple efforts to break away. In the past five weeks, sellers have dominated the market, causing the price to close in red. The current support level stands at $0.0000107, which has previously stopped sellers. A retest of this level seems probable unless the bulls regain control.

Furthermore, the weekly MACD shows a stagnant histogram, indicating no clear trend, despite the falling price. The market hopes that the current sideways price action could potentially lead to an uptick in the future. Worryingly, since March 2024, SHIB has been recording lower highs in terms of volume.

The decline shows that market participants may be shifting their focus elsewhere, making a reversal unlikely at this point.