Like other major cryptocurrencies, ShibaInu (SHIB) has also continued experiencing a downward trend for a long time. However, the past 7-days have proven to be a success story for the second-largest meme coin, as it has recorded constant growth.
Finally, the bulls launched a counter against the bears and formed a strong rally on March 19, bringing ShibaInu up to $0.00002535 per SHIB.
While the bulls tried sustaining the pressure exerted by the bears, they soon found themselves alone in the effort. The investors started giving up on the high rally and start selling ShibaInu alongside the bears.
This resulted in bringing ShibaInu below the overhead resistance mark ($0.00002535 per SHIB). By March 21, the bears had brought ShibaInu all the way down to $0.00002245 per SHIB.
This turned out to be a wake-up call for the entire bullish community, as they soon launched their counter. The pushback from the bulls’ side was clearly visible in the form of a gradual elevation of the trend line of ShibaInu in the upward direction.
Current Situation of ShibaInu
At the time of writing, ShibaInu’s trading value against Tether is worth $0.00002487 per SHIB. ShibaInu has recorded a 2.13% surge in the past 24-hours in order to reach the current level.
Surprisingly, the growth of ShibaInu in the past few days has set a positive trend for ShibaInu. For now, ShibaInu’s general market perception is positive.
The summary scale for ShibaInu is directed towards “buy” sentiments. At present, 38.46% of the total investors are willing to buy ShibaInu, and only 23.07% of investors are willing to sell it.
The relative strength index for ShibaInu has also at 55.019, plus the ultimate oscillator is at 51.534. This is also an indication of the bullish price movement of ShibaInu.
Bullish Attempt of the ShibaInu Investors
If the technical factors keep supporting the bullish trend, then the price of ShibaInu may continue surging. From the looks of it, the first attempt the bulls may make would be to push ShibaInu over the 100-day SMA ($0.00002728).
If the bulls successfully hit and cross the 100-day SMA, their next target would be $0.00003335 per SHIB. Hitting the particular mark would elevate the confidence level of the bulls, allowing them to hit the $0.00003638 per SHIB mark.
If the bulls find success in hitting and crossing the $0.00003638 per SHIB mark, the next mark they may succeed in achieving would be $0.00004215 per SHIB.