Last week, Shiba Inu (#SHIB، ) price hinted at a movement towards the 0.000020 USD mark. However, over the past few days, this rally didn't happen, and the #Memecoins🤑🤑 value now sits at 0.000016 USD.
This drop has fallen short of broader market expectations and may have prompted traders to reconsider their strategies. Despite the decline, it appears that SHIB bulls are pushing for a rebound, laying the groundwork for a potential rise towards previous targets.
Shiba Inu Shorts Are Down, but It's Not Over Yet
The $SHIB price has decreased by 6.75% over the past seven days. However, at the time of writing, the #BULLS and Bears indicator shows that Shiba Inu bulls still have the upper hand.
In this context, bulls represent addresses that have bought more than 1% of the total trade volume during a given period, while bears are those that have sold. When the volume traded by bears is higher than that of the bulls, the price is likely to drop.
On the contrary, a higher volume purchased by bulls indicates a likely price increase. For SHIB, it's the latter. If the bulls maintain this momentum in the coming days, SHIB’s price could start moving back towards 0.000020 USD.
Supporting Bullish Sentiment
Another indicator supporting this outlook is Shiba Inu’s weighted sentiment. The weighted sentiment uses social volume to measure how investors perceive the cryptocurrency.
When sentiment is negative, most online comments are pessimistic. When this happens, it becomes difficult for a cryptocurrency to see increased demand. On the other hand, positive sentiment signals the opposite and often precedes a price rise.
On October 1st, SHIB’s weighted sentiment dipped into negative territory. However, today, this sentiment has returned to positive levels, suggesting that the token’s price could increase.
SHIB Price Prediction: A Rebound Is Possible
Based on the daily chart, SHIB’s price is approaching the support level at 0.000015 USD. Currently, the selling pressure, as indicated by volume, is not as intense as before. If this remains unchanged, the meme coin could avoid a prolonged downtrend.
Another key level of interest for SHIB is around 0.000018 USD. If the token rebounds from 0.000015 USD and buying pressure increases, SHIB bulls could push the price towards this region.
In highly bullish market conditions, SHIB’s price could rise to 0.000020 USD. However, failure to successfully defend 0.000015 USD could lead to a further price drop. If this happens, Shiba Inu’s value could fall to 0.000013 USD.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
