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Despite showing promising rallies at the beginning of the month, Shiba Inu (SHIB)‘s price has experienced a decline along with other major digital assets.

This correction can be attributed to a combination of profit-taking, market saturation, and speculative trading dynamics.

Shiba Inu (SHIB) has weakened from $0.00004575 to $0.00002350 since March 05, 2024, and the current price stands at $0.00002944. However, on-chain data has revealed a notable increase in the acquisition of Shiba Inu tokens, reaching an impressive $10.2 million in the latest twenty-four hours which could be a sign that the price could increase significantly above the current levels.

But where is the price of Shiba Inu (SHIB) going next, and what can we expect from April 2024?

Today, Crypto Lists will discuss Shiba Inu (SHIB) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Recent Binance transfer puts Shiba community in cautious state

Shiba Inu (SHIB) is an Ethereum-based meme-coin inspired by Dogecoin, launched in 2020 by an anonymous developer known as Ryoshi. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant and has a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Similar to numerous other cryptocurrencies, Shiba Inu displays a high level of volatility, characterized by substantial price swings. Like many other cryptocurrencies, Shiba Inu (SHIB) was supported after Bitcoin’s price managed to climb above $73,000, buoyed by flows into new U.S. spot bitcoin exchange-traded products.

However, in less than two weeks Shiba Inu (SHIB) has lost more than 30% value and according to crypto analysts, this correction can be attributed to a combination of profit-taking, market saturation, and speculative trading dynamics. At the same time, crypto analysts also say that Binance’s recent transfer of 900 billion Shiba Inu tokens has set the already irritated community in a cautious state.

Differing outcomes?

Firstly, a transfer of this size might suggest liquidity provision. Binance, a major cryptocurrency exchange, frequently conducts asset movements to maintain liquidity across its wallets, ensuring seamless trading for its users. Secondly, the transfer could be associated with Binance’s custodial services and the exchange might be reallocating SHIB tokens to address the internal needs of its custodial accounts, which could involve client withdrawals or deposits.

A third potential scenario involves preparations for staking as Binance could be getting ready to introduce new services associated with SHIB, such as staking opportunities or additional financial products. These services usually demand substantial quantities of the token to be easily accessible, thus necessitating significant transfers.

Rating: 9.4/10
Supply: 549 / 589
Release date: August 10, 2020

Description: Discover Shiba Inu and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Traders likely to keep a close watch on Binance’s moves

Within the scope of these significant transfers on Binance, attention shifts to SHIB’s price dynamics, and traders are likely to keep a close watch on the subsequent moves by Binance, as well as any official announcements that may clarify the intent behind these transfers.

Crypto analysts agree that movements like the recent drop could very well occur again as market sentiments shift and market participants continue to exit the space. However, on-chain data has revealed a notable increase in the acquisition of Shiba Inu tokens, reaching an impressive $10.2 million in the latest twenty-four hours which could be a sign that the price could increase significantly above the current levels.

As per cryptocurrency analyst Javon Marks, Shiba Inu is poised for another significant breakout following the ongoing consolidation phase. The analyst sees the meme coin surging to $0.000081, and then a further 90% increase to hit a new all-time high.

Despite these predictions, market participants must bear in mind that cryptocurrency markets are renowned for their extreme volatility and because of this investing in cryptocurrencies should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space.

Technical analysis for Shiba Inu (SHIB)

Shiba Inu (SHIB) has significantly weakened since March 05, 2024, falling from $0.00004575 to a low of $0.00002350. Shiba Inu’s current price stands at $0.00002944, and as long the price of this cryptocurrency stands below $0.00003500, bears would be in control of the price action.

Technical analysis for Shiba Inu (SHIB)

Important support & resistance levels for Shiba Inu (SHIB)

Important support & resistance levels for Shiba Inu (SHIB)

On this chart (the period from December 2023), I marked important support and resistance levels that can help traders understand where the price could move. Shiba Inu (SHIB) continues to be under pressure, but if the price advances above $0.000035, the next target could be $0.000040.

The important support level is $0.000025, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.000020. If the price drops below $0.000020, which also represents a strong support level, the next target could be located around $0.000015.

What speaks for the rise in the Shiba Inu (SHIB) price

The last several days have been negative for the price of SHIB, but the positive information is that in the last twenty-four hours, there has been a noticeable surge in the volume of transactions conducted on the Shibarium network.

This reflects a high level of enthusiasm among traders but for the bulls to take again control of the price, a move above $0.000035 would be beneficial. At the same time, the growth of Bitcoin, just like the rest of the cryptocurrency market is an important factor that has a positive influence on the price of SHIB.

What indicates further downfall for Shiba Inu (SHIB)

Shiba Inu (SHIB) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The downfall of SHIB can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more.

Market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market. The price of Shiba Inu (SHIB) is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $65000 support level, that could have a negative influence on the price of SHIB.

What do analysts and experts say?

Although the price of SHIB has remained under pressure last several days, the on-chain data has revealed a notable increase in the acquisition of Shiba Inu tokens, reaching an impressive $10.2 million in the last twenty-four hours. Some crypto analysts say that this could be a sign that the price could increase significantly above the current levels.

Cryptocurrency analyst Javon Marks said that Shiba Inu is poised for another significant breakout following the ongoing consolidation phase and he sees the meme coin surging to $0.000081 in the near future. Despite this forecast, market participants should keep in mind that cryptocurrency markets are widely recognized for their extreme volatility, and because of this, investing in cryptocurrencies should be approached with careful consideration.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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