- Sentiment around SHIB has turned bearish over the past seven days.
- Buying pressure on SHIB remained high as its price fell.
The cryptocurrency market is looking forward to Bitcoins (BTC) The fourth halving came as some expected the market to become volatile.
A rise or fall in the price of BTC will have a greater impact on the cryptocurrency market as altcoins generally follow the trend of BTC. Shiba Inu (SHIB)one of the main currencies of memes, this episode may also have an impact.
Shiba Inu remains unstable
The past few weeks have not been the best for investors as the value of the meme coin has dropped by double digits. However, things have changed in the last few days as the price of SHIB has increased.
According to CoinMarketCap, the token price has increased by 18% in the last 24 hours. At the time of publication, it was trading at US$0.00002736 with a market capitalization of over US$16 billion.
Sudden price movements led to a sharp increase in token price volatility in 1 week.
SHIB market sentiment turned negative as evidenced by the drop in weighted sentiment on April 17th. The fall showed that bearish sentiment around the meme coin has intensified.
Its social volume has also dropped slightly over the past few days.
Although the Shiba Inu price fell on April 15, investors took advantage of the opportunity to buy on the dip. AMBCrypto’s analysis of Santiment data showed that the supply of SHIB on exchanges has dropped sharply.
Meanwhile, its over-the-counter deliveries increased last week, indicating that buying pressure on SHIB was high.
Moreover, Shib remained the whales’ favorite. According to WhaleStats
dataOn April 18, SHIB was the most traded token among the top 100 Ethereum (ETH) whales.
However, despite having the largest share of trade, whales’ total SHIB holdings have not changed much, as evidenced by the number of primary addresses.
SHIB’s next goals
High buying pressure on SHIB could soon lead to the token becoming bullish. AMBCrypto checked its liquidation heat map to see possible target zones for SHIB in the event of a bullish rally.
In the north, since the meme coin has already reached $0.000027, SHIB’s immediate target could be $0.00003.
A successful break above this level could allow SHIB to touch $0.000035 before a price correction. However, if the situation turns bearish, the SHIB price could fall to support around $0.000021 or $0.000017.
Read Shiba Inu (SHIB) Price Forecast 2024-25
AMBCrypto then analyzed the weekly chart of SHIB to look for more ambitious targets if things turn bullish following the BTC halving. Bullish growth in the coming days could allow SHIB to reach March 2024 highs.
Moving further north, the meme coin’s next target could be $0.000045, a level it could reach before crossing its all-time high in the coming months.
This is an automatic translation of our English version.