The trading price of Shiba Inu (SHIB) is currently stuck between two particular barriers that are considered very significant. For being stuck between two particular barriers, the trading price of Shiba Inu is experiencing a consolidation, which is drawn-out and long-term.
The investors tried hard to buy as much Shiba Inu as they could but their attempts failed. While the buyers tried their best, the move made by the bulls was not successful enough.
This led to the trading price of Shiba Inu to experience a downtrend and it ended up moving to a lower level. The price chart shows that the trading price of SHIB reportedly experienced a retracement.
The report shows that the correction SHIB experienced was very steep as the bears are stronger as compared to the bulls.
SHIB Continues Moving Downstream
The price chart shows that the trading price of Shiba Inu continued moving to a particular resistance but the rally kept being shot down by the bears.
Shiba Inu’s price surged to $0.0000130 on three different occasions in the past 3 months and the most recent instance was on July 30. On July 30, the trading price of SHIB surged by 34% and then it ended up retesting.
Although the bulls made multiple attempts to push the price of SHIB higher, their buying power was weak. Their buying power was not strong enough against the selling power of the bears. This led to the trading price of SHIB to dip on multiple occasions.
The selling power of the bears finally triumphed against the bulls and the buyers had to withdraw from their buying spree.
SHIB’s Price experienced a 21% Dip
The trading price of SHIB experienced a 21% dip, which pulled SHIB down to $0.0000103. At the time of writing, the trading price of SHIB stands at $0.0000103. At present, the market is very volatile and investors must remain very cautious when deciding to invest in the meme coin.
Support Levels for SHIB
According to the bearish price sentiments, the trading price of SHIB may move down to $0.0000095 if the bears keep selling the meme coin. As the selling power of the bears keeps rising, then the trading price of SHIB may dip to $0.0000082.
SHIB to Experience a 23% Dip
This means that if the bears keep increasing their selling power, then the trading price of meme coin will end up experiencing a 23% drop.
If things end up moving in the positive direction, then the first resistance mark SHIB may hit would be $0.0000121. As the momentum keeps on rising and more investors keep participating in the bullish run, then SHIB’s price may surge to $0.0000139.
