Shiba Inu price analysis shows a significant 11.66% drop over the past 24 hours, reflecting a broader market correction that has affected many digital assets. With the current price standing at $0.00002438, SHIB has seen a considerable weekly slide of 6% and a 20% decline over the past month. This downturn is part of a more extensive pattern of volatility within the crypto market, with the well-known meme coin following suit.
Trading Volume Surges as SHIB’s Price Dips to Lows of $0.0000223
Despite its decrease in value, Shiba Inu’s trading volume has spiked, indicating a sharp rise in market activity. The trading volume has ballooned by 165.80%, totaling a significant $1.2 billion. This increase in trading volume during a time of declining prices often points to heightened market interest, potentially from traders looking to capitalize on the lower price point.
It’s funny, sad, but nothing changes.
Dips and dumps will happen even in a bull market, especially before the Hong Kong ETF or any other ETF comes into play.
Corporations and whales want to buy low, so we small holders hopefully won’t shake out before the gains and profits…
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) April 13, 2024
The Shiba Inu team appears unfazed by the recent drop in SHIB’s price. Market lead Lucie has projected confidence in the face of these declines, attributing them to normal market cycles, even in what is generally considered a bull market. The team’s anticipation of new financial products, like the Spot Bitcoin and Ethereum ETFs in Hong Kong, is a major reason behind their optimism, as these developments could have a transformative effect on the market.
SHIB Holds Ground at Critical Support Level of $0.00002437
SHIB price analysis reveals in the last 4 hours, the cryptocurrency has been trading narrowly around $0.00002438. After a sharp decline, the price action shows SHIB holding steady just above the lower boundary of the 4-hour chart at $0.00002436. The Moving Average indicators signal a bearish crossover, with the shorter MA (green line) trending downward across the longer MA (red line), suggesting continued selling pressure.
The CHOP indicator, currently at 54.21, implies a level of market indecision but leans towards a less choppy and more directional trend. The most recent price shows a slight recovery attempt, but SHIB still trades below key resistance levels at $0.00002662 and $0.00002571. Whether this holding pattern will serve as consolidation before a rebound or a pause before further drops is yet to be seen.In the last 4 hours a tug of war between buyers and sellers, with the meme coin showing signs of a potential pivot in market sentiment. The 4-hour chart analysis indicates that SHIB has experienced a decline, testing the support level of $0.00002233.
While the current sentiment appears bearish, the increased trading volume at the support level and the potential for a rebound highlighted by the MA cross-over cannot be dismissed. As such, the next few 4-hour periods will be crucial in determining SHIB’s short-term price direction.
Impact of Global Market Trends on SHIB
The connection between Shiba Inu’s price movements and broader market trends, particularly Bitcoin’s struggle to breach the $70,000 threshold, is a crucial factor in understanding SHIB’s performance. The correlation between the flagship cryptocurrency and altcoins like Shiba Inu is well-documented, with Bitcoin’s price action often setting the tone for the rest of the market.
With the crypto market’s eyes on the potential approval of Spot Bitcoin and Ethereum ETFs in Hong Kong, there is a sense of anticipation that these could herald a new era of market sentiment and investor interest. The Shiba Inu team’s positive stance amidst market fluctuations offers a narrative of resilience, suggesting that they see these market movements as temporary before a potential upswing.
