The price of the dog-themed cryptocurrency Shiba Inu (SHIB) has increased 2.5 times in 2024, according to on-chain analytics firm IntoTheBlock in its Q1 report, while demand for meme coins has reached its highest level since 2021. The aggregate worth of meme coins has nearly tripled in 2024 as a result of this tremendous rise.
Despite the optimism surrounding SHIB's potential, particularly given its strong community support and continuous developments, the historical trend of a negative April close seems to cast a shadow of uncertainty.
Data analysis reveals a recurring trend where Shiba Inu tends to face downward pressure in April. Whether it's due to market sentiment, profit-taking, or historical coincidence, April has not been favorable for SHIB in terms of price movement.
SHIB/USD Monthly Chart, Courtesy: TradingView
Per TradingView data, the Shiba Inu price has dropped in previous April, by 21.90% in April 2022 and 6.83% in April 2023, and is currently down 11.16% so far in April 2024.
This pattern has left many wondering: Will SHIB break free from this trend, or is the "April jinx" a destined repeat?
Bulls on defensive
This year, the stakes are high as bulls appear to be on the defensive, ready to guard their gains and hopeful for a market rally that could erase a zero from the SHIB price.
The current contention is the 50 trillion SHIB level, which might determine Shiba Inu's price direction. According to IntoTheBlock data, 50.66 trillion SHIB were bought by 80,380 addresses in the range between $0.000025 and $0.000029 at an average price of $0.000027.
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Below this range, SHIB has relatively limited support, implying that if the price falls below current levels, it may fall further. The next significant support range is $0.000019 to $0.000025, where 71.44 trillion SHIB were purchased by 83,310 addresses at an average price of $0.000023.
On the other hand, if Shiba Inu sustains its current rebound, it would confront the next resistance at $0.000029 and $0.00003, where 18.35 trillion SHIB were bought by 44,450 addresses.
At the time of writing, SHIB was up 2.91% in the last 24 hours to $0.000027.
