beincrypto.com
Last week, Shiba Inu (SHIB) price hinted at a move toward $0.000020. But over the last few days, that has not happened, as the meme coin’s value is now $0.000016.
This decline fell short of the broader market expectations and may have prompted traders to reassess their strategies. Despite the decline, it appears that SHIB bulls are pushing for a renewed bounce and setting the stage for a potential rise toward the previous targets.
Shiba Inu Falls Shorts, But It’s Not the End
SHIB’s price has decreased by 6.75% in the last seven days. However, as of this writing, the Bulls and Bears indicator shows that Shiba Inu bulls have the upper hand.
Bulls, in this context, are addresses that bought more than 1% of the total trading volume within a given period. Bears, on the other hand, are addresses that sold. When the volume traded by bears is higher than that of bulls, the price is likely to decrease.
Conversely, a higher volume purchased by bulls suggests that a price increase is likely. For SHIB, it is the latter. Therefore, if bulls sustain this momentum in the coming days, SHIB’s price could begin moving toward $0.000020.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
Shiba Inu’s Weighted Sentiment is another indicator supporting this bias. Weighted Sentiment employs social volume to gauge investors’ perceptions of a cryptocurrency.
If the sentiment reading is negative, then most comments online are pessimistic. When this happens, it becomes difficult for the cryptocurrency to see increased demand. On the other hand, a positive sentiment implies otherwise and usually precedes an increase.
On October 1, SHIB’s Weighted Sentiment dropped to the negative region. But today, that rating has returned to positive territory, suggesting that a price increase could be coming for the token.
SHIB Price Prediction: Bounce Possible
Based on the daily chart, SHIB’s price is approaching the support line at $0.000015. As it stands, selling pressure, as indicated by the volume, is not as intense as it was earlier. Should this remain the same, then the meme coin might avoid an extended downtrend.
On another look at the chart, the next major point of interest for SHIB is around $0.000018. Therefore, if the token bounces off $0.000015 and buying pressure increases, SHIB bulls might drive the price toward that region.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
In a highly bullish market condition, SHIB’s price can rally to $0.000020. However, failure to successfully defend the $0.000015 might lead the price further down. If that happens, Shiba Inu’s value could sink to $0.000013.