According to the latest market data, SHIB is currently trading at $0.00002688, marking a 13.86% decrease over the past seven days and a 1.41% dip in the last 24 hours. Despite the recent downtrend, SHIB continues to hold a respectable market capitalization of over $15.8 billion.

SHIB Data Chart (CoinMarketCap)

Trading volume has been a mixed bag for SHIB, with a 24-hour volume of $618 million, a 27.94% decrease. Its volume-to-market-cap ratio stands at a healthy 4.01%, indicating a decent level of liquidity in the market. The circulating supply of SHIB currently stands at an astronomical 589,289,410,812,691 tokens, while the total supply is slightly higher at 589,534,086,491,242 SHIB. 

SHIB Technical Analysis

On the weekly chart, SHIB has been caught in a ranging channel between $0.00002500 and $0.00003150 on the weekly timeframe. Since hitting a high of $0.00004575 on March 4th, the meme coin has experienced a downward trajectory, with only last week's candlestick closing bullish. This week, however, the weekly candlestick is trading below the previous week's close, indicating a more bearish sentiment.

SHIB Daily Technical Outlook

SHIB has been displaying bullish tendencies today after hitting the $0.00002500 level yesterday, although it has been trapped in a ranging channel since March 15th. The price faced a rejection at the ranging channel's support zone of $0.00002500 on March 16th, retested the support the second time on March 19th and subsequently rallied to test the resistance around $0.00003150 from March 20th, only to face another rejection, leading to a renewed downward momentum.

SHIBUSD Daily Chart (TradingView)

SHIB 4-Hour Chart Outlook

SHIB hit the support level at approximately $0.00002500 zone and subsequently broke out of a descending trendline on March 20th from its recent high of $0.00004575. Currently, SHIB is retesting the support formed when the price broke out of the descending trendline.

If a rejection is witnessed at this crucial ranging channel support, prices may rally to test a confluence of resistance levels around $0.00003110, including the ranging channel resistance, a retest of the ascending trendline broken on April 1st and the dashed descending trendline. A successful break above this triple resistance could pave the way for SHIB to test another resistance zone and a dotted ascending trendline around $0.00003750 zone, potentially setting the stage for a retest of the yearly high of $0.00004575.

SHIB 4-Hour Chart (TradingView)

However, if downward pressure persists and the immediate support level at $0.00002500 is breached, it could hinder any further upward momentum in the near future. The 4-hour Relative Strength Index (RSI) currently stands at 41, approaching the overbought territory, suggesting the possibility of bullish sentiments in the short term, with the current support level acting as a crucial level for bulls to shift the market sentiment.