It has been several days since ShibaInu (SHIB) has been attempting to gain some momentum in its value. Despite all the attempts and efforts made by the bulls, ShibaInu hasn’t been able to make much progress.
Instead, its price has been experiencing the same trend for a while. As per the graph for ShibaInu, it seems to be stuck in an oscillating range. The particular range is between $0.000010 and $0.000014.
This goes to show that the bears and bulls are uncertain about who is going to make the first move. However, given the current market sentiments, it is much easier for the bears to launch a selling attack.
The bulls won’t be able to sustain them and ShibaInu’s price may start moving downslope. Even for the investors, it is currently easier to follow the bearish trend because to maintain the bullish, they will need to apply a lot of force.
The Bullish Attempt of Investors
For now, the whole purpose of the bullish attempts is to make sure a bottom price is formed. This would indicate that the bears have a particular selling energy. Once the bottom price is formed, the bulls will have an idea about sustaining the pressure and forming a rebound.
As the investors with the bullish sentiments are able to push ShibaInu over the $0.000014 per SHIB price, they will go for higher gains. If the bulls keep pressing onwards, it would mean they are able to absorb the pressure coming from the bears.
If the absorption power of the bulls keeps rising, the sentiments of the bulls will continue gaining more power. With a clear trend insight, the bulls will be able to achieve the $0.000017 price quite easily.
At the $0.000017 price level, the bears may increase their selling power to demonstrate a strong resistance. If the resistance level of the bears is not able to match the buying power of the bulls, then higher targets will be in the bulls’ sight.
In this particular scenario, the bears may try and give a tough challenge to the bulls. However, if the bulls are able to make it through the trend, then the trend for ShibaInu may become bullish.
Bearish Attempts of the Bears to Pull SHIB to $0.000005
On the other hand, as SHIB falls below the $0.000010 figure, then a bearish trend will be formed. Then the bears may go for a low trading price of $0.000009.
With the sentiments of the investors constantly growing bullish, SHIB’s price may continue moving lower. Soon, the trading price of ShibaInu may fall down to the strong support channel hitting a low of $0.000005.