The beginning of the month of December has been heavy and pressurizing over Shiba Inu (SHIB) like the rest of the cryptocurrencies. However, being one of the largest cryptocurrencies and the second-largest meme coin puts it under a greater microscope.
As of now, the stakes for SHIB are very high as the investors are aiming to benefit from it as much as they can. Despite the downgrades that SHIB has faced, the investors still have high hopes for it. Even after so many plunges, the investors still have high sentiments for digital currency.
However, the bears are also determined to drag SHIB’s price even lower. This is the reason whenever SHIB manages to hit a price figure, the bears start selling it to create a dip. They have been selling SHIB the moment SHIB manages to gain even the slightest of the surge.
The bulls are also trying their best to bring its price in the upward direction. The bulls are still aiming to bring the price of SHIB close to the 20-day SMA. As of now, the 20-day SMA for SHIB is $0.00003986. However, as SHIB comes close to the $0.00003500 per SHIB figure, the bears come into action and start selling the rally.
The bulls are still trying their best to push the price of SHIB higher by buying as much SHIB as possible. Their efforts are quite evident with the 5.77% dip in the trading volume for SHIB in the past 24-hours. As of now, the trading volume for SHIB is at $1,092,197,245.
This is a clear demonstration of the bulls trying to push the price of SHIB higher and bring it close to the 20-day SMA. On the other hand, the bears are trying hard to sell as many SHIB as possible to initiate mass-selling.
As of now, the price of SHIB is at $0.00003402, which means that the bulls are indeed trying to bring the price of SHIB higher. On the contrary, the bears are attempting to bring the price of SHIB close to the $0.00003200 per SHIB figure.
If the bears manage to make it happen, they will be able to push the price of SHIB lower than that. The attempts made by the bears are aimed at bringing the price of SHIB close to the 100-day EMA. As of now, the 100-day EMA for SHIB is $0.00003129. If that happens, the price of SHIB may end up experiencing yet another major plunge.
In such a case, the price of SHIB may lose its strong support that is at $0.00003000 per SHIB. This is the point where the bulls may give a tough time to bears aiming to push the price of SHIB higher.