In the past week, the price of Shiba Inu (SHIB) suggested a potential move towards $0.000020. However, in recent days, this has not materialized, and the meme coin is currently valued at $0.000016.
This drop failed to meet broader market expectations, prompting traders to reconsider their strategies. Nevertheless, it seems that SHIB bulls are striving for a bounce back, laying the groundwork for a possible rise toward previous targets.
Shiba Inu Faces Shortcomings, But It’s Not Over
Over the last week, SHIB’s price has dropped by 6.75%. However, at the moment, the Bulls and Bears indicator indicates that Shiba Inu bulls currently hold the advantage.
In this scenario, bulls are defined as addresses that have purchased more than 1% of the overall trading volume during a specified period. Conversely, bears are addresses responsible for selling. When the trading volume from bears surpasses that of bulls, a price decline is likely.
On the other hand, increased volume from bulls suggests a likely price increase. In the case of SHIB, it is the latter. Thus, if the bulls maintain this momentum in the upcoming days, SHIB’s price could start trending toward $0.000020.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What Are the Distinctions?
Another indicator reinforcing this outlook is Shiba Inu’s Weighted Sentiment. This metric utilizes social volume to assess investors’ perceptions regarding a cryptocurrency.
A negative sentiment reading indicates that most online comments are pessimistic, making it challenging for the cryptocurrency to attract demand. Conversely, a positive sentiment points to otherwise and usually precedes a price increase.
On October 1, SHIB’s Weighted Sentiment dipped into negative territory. However, as of today, it has bounced back to a positive rating, hinting that a price increase for the token could be on the horizon.
SHIB Price Outlook: Possible Bounce
The daily chart indicates that SHIB’s price is nearing the support level at $0.000015. Currently, selling pressure, as shown by the volume, is not as severe as it was previously. If this trend continues, the meme coin may evade a prolonged downtrend.
Looking again at the chart, the next significant target for SHIB is approximately $0.000018. Thus, if the token rebounds from $0.000015 and buying pressure increases, SHIB bulls could push the price towards that area.
Read more: 6 Best Platforms To Purchase Shiba Inu (SHIB) in 2024
In an extremely bullish market scenario, SHIB’s price could surge to $0.000020. However, failing to defend the $0.000015 support may lead the price to drop even further. If this occurs, Shiba Inu’s value could plummet to $0.000013.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to providing accurate, unbiased reporting, yet market conditions can change without prior notice. Always ensure to conduct your own due diligence and consult a professional before making any financial commitments. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been revised.
Dutch
English
French
German
Greek
Italian
Portuguese
Russian
Spanish