In the past few days, the trading price of Shiba Inu (SHIB) has been hovering at a high of $0.000011, which is the 20-day EMA.
The bulls seem to be in Power for Now
The past few days have been good news for the bulls as the price of Shiba Inu has been moving in a bullish zone. The data shows that the price of SHIB has been hovering at a high of $0.000011.
Although the selling pressure is increased by the sellers from time to time the bulls are not giving up. They have been fighting off the bears and have continued buying SHIB at a higher level than the sellers.
This is the reason the price of SHIB has managed to stay at a high of $0.000011. The reason behind the constant fight and the winning of the bulls against the bears is a clear demonstration of their strong determination.
The bulls have been hoping that the trading price of SHIB may rise significantly in the upcoming days. Therefore, they have put all their efforts into the recent fight to ensure that they do manage to pull through the resistance.
They want to fight the bears with all their might in order to achieve a higher trading price for SHIB.
Price to Rising to $0.000018
If the bulls do manage to put in enough effort and make the bears give them the way, then the bulls are hoping to push SHIB past the 20-day EMA.
In case the bulls do manage to push through the 20-day EMA, their next target would be to hit a higher resistance level at $0.000014.
This will be a point where the bulls will face huge resistance from the bears. However, if the bulls do manage to defeat the bears in the competition, then the price of SHIB may successfully rise up to $0.000018.
SHIB may dip to $0.000007
Although the trading price of SHIB is currently experiencing a bullish trend, it has a higher chance of moving in the negative direction than moving in the positive.
The overall sentiments of the investors are bearish and they may lean toward the bearish if the bears demonstrate a stronger and more resilient selling power.
This may cause the price of SHIB to move in the bearish direction losing the $0.000011 level. The price of SHIB may dip below the $0.000010 level and then end up falling to the $0.000007 level.
The reason behind the strong selling expectations for SHIB is that the meme coin does not offer much utility. The token has no utility, which means it has no future.
Therefore, the token needs to come up with projects that increase its utility in the market and replenish its price in the market.