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Shiba Inu: Bulls and Bears Battle for SHIB Price Direction

Thu, 07/13/2023 - 15:55
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Tomiwabold Olajide
Shiba Inu (SHIB) price faces showdown between bulls and bears
Shiba Inu: Bulls and Bears Battle for SHIB Price Direction
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The Shiba Inu price has resorted to a very tight trading range as bulls and bears slug it out. In the last three days, SHIB has traded in a narrow range  with the appearance of what seems to be a Doji pattern on its chart.

A Doji candlestick indicates indecisiveness on the market, wherein buying and selling activities counteract one another over a specific period.

The tight consolidation that happens with a sideways move in a narrow range might indicate indecision among bulls and the bears. Eventually, either the bulls or the bears prevail, and the price exits consolidation into a trending move.

SHIB/USD Daily Chart, Courtesy: TradingView

The moving averages on the daily chart have flattened out, and the RSI is very close to the 50 midpoint, suggesting a balance between supply and demand. The bulls may tip the scales in their favor if they push the price above $0.0000077. SHIB could then rise to the price barrier near $0.00000849.

On the other hand, the balance might tilt in favor of the bears; SHIB might drop to the crucial support area near $0.000007 if the price dips below the intermediate support at $0.00000735.

Shiba Inu (SHIB) Gains 84% in Short-Term Traders as Price Shift Nears

A breach below this region could speed up selling and initiate a fresh downward move that could have the $0.000006 level as its goal.

As of the time of writing, SHIB had slightly increased in value over the previous day to $0.00000752.

SHIB large transactions surge 293%

Shiba Inu whales, or large holders, are awakening, as reflected in the large transaction volume, which is up a massive 293% in the last 24 hours.

The Large Transactions Volume Indicator from IntoTheBlock suggests the total amount transacted by whales on a given day.

Shiba Inu (SHIB) New Direction and Plans Hinted at, Here's Exciting Part

Lookonchain reports of a giant whale - probably the largest holder, with 101.47 trillion SHIB worth $756 million, representing 10.15% of the total supply - transferring four trillion SHIB worth $29.8 million to eight fresh addresses today. Notably, the whale has not made any large transfers for 610 days.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.