- Sentiment around SHIB has turned bearish over the past seven days.
- Buying pressure on SHIB remained high as the price fell.
The crypto market has been eagerly awaiting it Bitcoins [BTC] fourth halving, as several expected the market to become volatile.
An increase or decrease in the price of BTC will have a greater impact on the crypto market, as altcoins often follow the trend of BTC. Shiba Inu [SHIB]one of the best meme coins, can also be affected by the episode.
Shiba Inu remains volatile
The past few weeks have not been in investors’ best interests, as the meme coin’s value fell by double digits. However, things changed in recent days as SHIB’s price rose.
According to CoinMarketCap, the price of the token has increased by 18% in the last 24 hours. At the time of writing, it was trading at $0.00002736 with a market cap of over $16 billion.
The sudden price movements caused the token’s price volatility 1w to rise sharply.
SHIB’s market sentiment turned negative, as evidenced by the drop in weighted sentiment on April 17. The decline indicated that bearish sentiment surrounding the meme coin was increasing.
Social volume has also dropped slightly in recent days.
Source: Santiment
As the price of Shiba Inu fell on April 15, investors took the opportunity to buy the dip. AMBCrypto’s analysis of Santiment’s data showed that SHIB’s supply on the exchanges plummeted.
Meanwhile, off-exchange supply increased last week, indicating that buying pressure on SHIB was high.
Furthermore, SHIB remained the whales’ favorite. According to WhaleStats’ factsSHIB was the most traded token in Ethereum’s top 100 [ETH] whales on April 18.
Despite the fact that whales were the most traded, total SHIB ownership did not change much, as reflected in the supply of the top addresses.
Source: Santiment
SHIB’s upcoming goals
Due to the high buying pressure on SHIB, the token may soon turn bullish. AMBCrypto checked its liquidation heat map to see the possible target zones for SHIB if a bull rally occurs.
Moving north, since the meme coin has already reached $0.000027, SHIB’s immediate target could be $0.00003.
A successful breakout above could allow SHIB to touch $0.000035 before a price correction. However, if things turn bearish, SHIB’s price could fall towards its support near $0.000021 or $0.000017.
Source: Hyblock Capital
Read Shiba Inus [SHIB] Price prediction 2024-25
AMBCrypto then analyzed SHIB’s weekly chart to look for more ambitious targets if the situation turned bullish after the BTC halving. A bull rally in the coming days could see SHIB reach the March 2024 high.
Moving further north, the meme coin’s next target could be $0.000045, which it could reach before breaching its all-time high in the coming months.
Source: TradingView