ShibaInu Experiences a 17.17% Surge but Still Far from Bullish Trend

If you are into the meme coins then it goes without saying that you are well aware of ShibaInu (SHIB). The meme coin has been around for a while and it has constantly competed with Dogecoin (DOGE).

Although the performance of ShibaInu has been quite predictable in the past few months, it has become interesting for investors in the past few days.

Compared to other major cryptocurrencies, ShibaInu has continued demonstrating strong performance. The investors backing ShibaInu have proven to be more loyal than investors of other major cryptocurrencies.

While the general perception of the crypto-verse is bearish, the ShibaInu investors are making an individual effort to change the trend for the digital asset.

Past 24-hour Performance of ShibaInu

If we trace the performance of ShibaInu about 24 hours back, we see it was at a low of $0.00001375 per SHIB. However, the investors showed off their buying sentiments in the form of a 17.17% rally.

At present, the trading price of ShibaInu is worth $0.00001627 per SHIB. Although the bulls are making a strong attempt from their end, it may be too early to assume ShibaInu has entered the bullish trend.

The technical analysis for ShibaInu makes it clear where it stands at present. The analysis also suggests what the current market sentiments are and where ShibaInu would be in near future.

ShibaInu Technical Analysis

The relative strength index for ShibaInu currently stands at 33.77269973, which is supporting the bearish trend. The ultimate oscillator for ShibaInu is also below the midline at 40.41553695, supporting the bearish trend.

The next technical factors are the moving averages scale and the oscillators scale. The moving averages scale is supporting “strong-selling” sentiments while the oscillators are indicating “buying” sentiments.

However, the summary scale for ShibaInu shows that 53.85% out of the total investors prefer selling ShibaInu. Only 15.38% of the total investors are supporting buying sentiments for ShibaInu.

Price Fall and Rise Predictions

If the bulls are not able to sustain the pressure from the bears at $0.00001627, then the bears may start running the trend. Their first attempt will be to pull ShibaInu’s price down to $0.00001567 per SHIB (S1).

The bears may make another attempt to dipping ShibaInu’s price by selling it at a very high rate. If the bears succeed, then ShibaInu’s price may dip to $0.00001458 per SHIB (S2).

On the other hand, if the bulls do manage to sustain the pressure coming from the bears, they may continue the rally. The first attempt the bulls may make would be to push ShibaInu’s price to $0.00002272 per SHIB, the 50-day SMA.

If they successfully push the trading price of ShibaInu over the 50-day SMA, then the price of ShibaInu may surge to $0.00002729 per SHIB.