Unleashing the Power of SHIB: Comprehensive June 13 Price Forecast

SHIB Slumps as Crypto Market Remains Bearish

Meme Token Faces Resistance Amid Broader Downturn

The crypto market is once again in the red, with Shiba Inu (SHIB) emerging as one of the biggest losers of the day, dropping 6.81% over the last 24 hours.

According to the hourly chart, SHIB is currently trading near a local resistance level of $0.00001188. While a breakout above this mark could pave the way for a move towards the $0.00001220 zone, the current market sentiment suggests that buyers may struggle to maintain momentum.

Sideways Trading Likely in the Near Term

On the daily timeframe, SHIB has made a false breakout of the $0.00001141 support level. This could indicate that buyers need more time to accumulate strength for a further move upward. In this scenario, the most likely outcome is sideways trading in the $0.00001150-$0.000012 range.

Bearish Signals on the Weekly Chart

From a midterm perspective, the picture looks less positive for SHIB. If the weekly candle closes around current prices or below, the token could face a test of the $0.000011 support level soon. This would signal a continuation of the broader bearish trend that has plagued the crypto market in recent weeks.

Meme Tokens Struggle Amid Macro Uncertainty

The SHIB price action reflects the broader challenges facing the crypto market, particularly meme tokens, in the current environment. Investors remain cautious amid macroeconomic headwinds, such as high inflation and the prospect of further interest rate hikes by central banks.

As a highly speculative asset, SHIB is particularly vulnerable to shifts in market sentiment. While the token's loyal community may provide some support, the path forward appears uncertain unless the broader crypto market can regain its footing.

At the time of writing, SHIB is trading at $0.00001184, with the potential for further downside if the bearish momentum persists.