Shiba Inu (Shib) price forecast: Will Memecoin rebound?

Shiba Inu (SHIB) currency price has performed sluggishly recently and has seen a significant decline this week.

SHIB's current price is US$0.00001082, with a 24-hour decline of more than 12%, and a weekly decline of about 10.87%.

Price trend analysis: Despite previous optimistic expectations, SHIB prices have not hit a new high. Last week's analysis predicted that the $0.000012 support level could become a rebound point, with a target price of $0.000014 and even higher. However, the rebound failed to achieve, with the price hovering around $0.0000125, which is now a short-term resistance level. Many attempts to break through failed, indicating that market confidence has weakened.

The 4-hour chart shows that the Relative Strength Index (RSI) attempts to break through the neutral 50 line (usually foreshadows the change in momentum), but ultimately fails, further confirming the lack of bullish momentum. Although the bulls made their final attempts, they failed to maintain the rebound and the resistance level remained firm, about $0.0000124 to $0.0000125.

There is no significant change in the market transaction volume at present.

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