October 6 turned out to be a bad day for Shiba Inu (SHIB) and its investors as its price ended up taking a fall. The trading price of SHIB fell to a low of $0.000011, which is the 20-day EMA.
Bears Pulled SHIB
On October 6, SHIB’s trading price was over the 20-day EMA but the bulls were finding it difficult to keep it there. The bears were constantly bombarding it with strong selling pressure.
The bulls did try to sustain the pressure but the bears had a stronger selling pressure. Therefore, SHIB’s price ended up declining, and as a result, its value fell below the 20-day EMA.
The bulls attempted another Rally
From October 9 to October 10, the bulls made another attempt to push SHIB’s price higher. However, the bulls were not able to form a rally strong enough to push SHIB over the 20-day EMA again.
The bears kept proving their prowess over the bulls and continued building strong selling pressure to keep the bulls out of the competition.
Despite the strong selling pressure of the bears, SHIB has no shortage of support from the bulls. At the current low trading price of $0.000011, the bears may find it very difficult to pull SHIB’s price lower.
The bulls may defend the particular level with strong buying. The bulls may aggressively defend the $0.000011 level and if the price falls lower than the particular mark, another obstacle would come their way.
The bulls may demonstrate an even stronger buying aggression as the price of SHIB falls to $0.000010.
Strong Chances of a Rebound
Whether it is the $0.000011 level or the $0.000010 mark, the bears will face strong resistance from the bulls. The bulls may exert stronger buying pressure to attempt a rebound off the particular levels.
If that happens, then the trading price of SHIB may start increasing at a significant rate. In this particular case, the trading price of SHIB may surge with momentum, achieving all the moving averages, and continue moving higher.
The bulls would continue pressing harder against the bears and it would have great support from the current market sentiments. SHIB is proving to be a highly attractive meme coin when it comes to the adoption of the metaverse.
It is currently the second most adopted digital asset when it comes to being adopted in the metaverse industry.
If sentiments keep building in favor of SHIB, then its trading price may surge to a high of $0.000012. Going forward, if the sentiments of the investors remain strong and the metaverse keeps boosting momentum into it, its value may increase to $0.000014.