SHIB Price Declines by 0.66% but Forecasts Remain Bullish for Second-Largest Meme Coin

In recent sessions, the trading price of SHIB has recorded a decline. It wasn’t a promising sight for the investors to see the price of their preferred token decline while other tokens moved higher.

Other Tokens Grew in Value

The recent session has turned out to be a blessing for most of the investors in the crypto market. However, it has proven to be a bad omen for the Shiba Inu (SHIB) investors.

This is because the trading price of the meme coin has recorded a 0.66% dip recently. This has pulled the asset’s price lower.

Bulls are Determined

It was an alarming situation for all the investors supporting the bullish trend of SHIB to see the asset move in the bearish direction. They saw the entire market move in the upward direction but their preferred token proved to be a disaster.

Despite the recent decline, the bulls have not lost full confidence and faith in the asset. Although the asset price has declined, it has still managed to remain over the $0.00001083 mark the local resistance level.

This means that the bulls may try and increase their buying pressure to push the asset’s price higher in near future. The trading volume for the asset has started to surge as well and the bulls are increasing their pressure.

For now, the bulls are attempting to push the token’s price higher and their goal is to end the candle pattern around the $0.00001083 mark. If they manage to do it, then the asset price may start surging in the upcoming sessions.

Bulls to Try and Hit $0.000011

If things start going in favor of the bulls, then the meme coin’s trading price may surge significantly. After pushing the asset’s price higher than the $0.00001083 mark, they will attempt a higher goal.

In case things work out in their favor, they will attempt to push the asset to a high of $0.000011.

The bigger charts are also favoring a bullish run but they are favoring it in near future. They indicate that the current time is to muster up the strength so the bulls can increase their buying power in the future.

If that happens, then SHIB’s price may surge to a very high level. Until that happens, the asset may continue hovering within the consolidation ranges. To give a precise idea, the consolidation ranges are between $0.00001050 and $0.00001100.

The weekly timeframe is also supporting the bullish movement of the asset. It suggests that if the bullish momentum lasts longer, then the asset price may find the opportunity to surge to $0.00001150.

However, the bulls will need to wait until the mid of April, when things actually start falling in favor of the bulls.