Shiba Inu (SHIB) Analysis: Bulls Eyeing $0.000020 After Recent Decline
Last week, Shiba Inu (SHIB) price hinted at a move toward $0.000020. However, over the last few days, the meme coin’s value has dropped to $0.000016, falling short of broader market expectations. This decline may have prompted traders to reassess their strategies. Nonetheless, SHIB bulls appear to be gearing up for a rebound, potentially setting the stage for a rise back toward previous targets.
SHIB’s price has decreased by 6.75% in the last seven days. As of now, indicators show that Shiba Inu bulls hold the advantage. Bulls represent addresses that bought more than 1% of the total trading volume within a specified period, while bears are those that sold. When bears trade more than bulls, a price decrease is likely. Conversely, a higher volume purchased by bulls suggests a potential price increase for SHIB.
Shiba Inu’s Weighted Sentiment is another indicator supporting the bullish outlook. This metric uses social volume to assess investor perceptions of a cryptocurrency. A negative sentiment reading suggests pessimism, making it hard for the cryptocurrency to gain demand. However, a positive sentiment reading, like the one observed today, indicates that a price increase could be on the horizon.
According to the daily chart, SHIB’s price is nearing the support line at $0.000015. Selling pressure, as indicated by trading volume, is currently less intense than before. If this trend continues, the meme coin might avoid a prolonged downtrend. The next significant price target for SHIB is around $0.000018. A bounce off $0.000015 with increasing buying pressure could drive SHIB bulls to propel the price higher.
In a bullish market scenario, SHIB’s price could rally to $0.000020. However, failing to maintain above $0.000015 might lead to further declines, potentially dropping to $0.000013.
