Today is the last day of April, and tomorrow is the long-awaited May Day Golden Week!
The price of Shiba Inu has been volatile recently. Currently, its price is between $0.00002277 and $0.00002691. In the past week, it has fallen by about 10%. Looking back at the last month, it has fallen by nearly 23%. But in the past six months, it has risen by more than 200%. The price action seems to have adjusted, and now it is facing some selling pressure.
As SHIB is in a long-term uptrend, today's sell-off may be a good time to buy the coin. This opportunity will not last long as the market is expected to recover soon. The chart of SHIB shows the performance of the coin in the past week, although its signs are approaching the historical rebound threshold.
The biggest feature in the chart is that the resistance (red) and support (green) levels of the coin are converging, reaching a critical point where large fluctuations usually occur. The relative strength index (purple) of SHIB indicates a favorable rise, as the RSI fell below 30 this morning. This suggests that the coin is oversold and trading at a lower price compared to previous price swings.
Over the weekend, SHIB’s 30-day average (orange) fell below its 200-day average (blue), 🐳qun秆玮:1983211157 indicating a turnaround is needed. Less positive is the trading volume of ShibaCoin, which stands at $400 million today compared to $13 billion at the beginning of March. This suggests that demand for the token has dropped significantly, but the market may still ignore SHIB’s fundamentals. Last week, Polygon Ventures and other investors provided ShibaCoin’s creators with $12 million in funding to build a privacy-focused third-layer network.
This suggests that ShibaCoin plans its development and evolution to become an ecosystem, not just a meme token. This can be seen in its decentralized exchange (DEX) ShibaSwap and the second-layer network Shibarium, which has completed more than 400 million transactions. Due to its utility, ShibaCoin’s price could rise to $0.000040 by the summer.
SHIB Price Prediction
According to the current Shiba Inu price prediction, the Shiba Inu price is expected to increase by 228.72% and reach $0.00008160 by May 28, 2024. According to our technical indicators, the current sentiment is neutral, while the Fear & Greed Index shows 65 (Greed).Shiba Inu has recorded 14/30 (47%) green days in the past 30 days, with a price volatility of 9.76%. According to the Shiba Inu prediction, now is a good time to buy Shiba Inu.
5 Predictions for Shiba Inu to Hit $0.0001: Market observer Yuni Wong recently expressed the view that Shiba Inu is preparing for a “second leg” bull run. This view stems from the aggressive bull run that Shiba Inu orchestrated between late February and early March, which saw its price reach levels not seen in three years.
Now, after SHIB witnessed bearish opposition following a bear market rally, Wong believes that Shiba Inu will repeat itself. The analyst hinted at a scenario where Shiba Inu goes on to earn $0.000125 in the projected “second leg”
Meanwhile, analyst Ben Chien debates the conventional wisdom about Shiba Inu’s potential to repeat 2021 history. He said that during this cycle, SHIB’s value has the potential to reach $0.0001, which is similar to the pattern observed during the 2021 bull run. Notably, during that period, Shiba Inu surged by more than 800,000.
Last month, when Shiba Inu regained momentum, Oscar Ramos, a well-known crypto expert, commented that this surge increased the probability of pushing the asset price to $0.0001. According to him, the $0.0001 price point for Shiba Inu “happens 100%”.
Interestingly, analyst Gem Sheriff repeated similar sentiments at the same time. He showed a chart that assumes that Shiba Inu’s candlestick pattern could exceed $0.00011.
Meanwhile, analyst Javin Marks revised his forecast for SHIB after the bears took control of Shiba Inu in late March. Marks (English surname) hinted that despite the price pullback, bulls could intensify their pursuit of the $0.000081 target. He noted that the achievement of $0.000081 could bring about a further breakout that would put $0.0001553 in play.
When Shiba Inu could hit $0.0001: Most analysts expect the price level of $0.0001 for Shiba Inu, and they expect this bull run to end in 2025. With Shiba Inu trading at $0.0000248, it would only take a 303% price increase for SHIB to reach its target price. Interestingly, SHIB saw a 350% price increase in less than ten days last month.
While a 303% price increase for Shiba Inu seems achievable given SHIB’s history, Changelly researchers say that Shiba Inu prices may only reach $0.0.00002959 USD. However, it is important to note that these forecasts are merely speculative and cannot be considered investment advice.
Summary: It is not easy to predict the future of SHIB. It could rise if people get excited about it again or find it more useful. But it could also fall if investors lose interest or sell off in large numbers. The nearest level where it could start to rise is $0.00002959, but if it falls, it could fall to $0.00002131 USD. Investors are watching closely to find signs of where it will go.
