Shiba Inu coin, a prominent meme coin, has seen a downward trend on shorter timeframe charts over the last month. Despite this, it has managed to hold on to a crucial support level that has been active since the middle of March.
While Bitcoin remains in a consolidation phase following its recent halving, altcoins like Shiba Inu could experience heightened volatility. The decreasing correlation between Shiba Inu and Bitcoin might aid in a bullish recovery, although a sell-off in the Bitcoin market could adversely impact Shiba Inu and other altcoins.
Throughout most of April, the 30-day MVRV ratio for Shiba Inu was negative, indicating that holders were experiencing losses and suggesting a lack of market confidence. However, an upward trend in the mean coin age over the past six weeks, alongside the MVRV ratio, points to a potentially favorable buying opportunity. The Weighted Sentiment has shown a positive shift recently, bolstering support for a bullish outlook.
Despite these indicators, Shiba Inu has struggled to surpass a significant resistance level and has entered a correction phase. This reversal coincides with neutral trading volumes, indicating a hesitancy among traders to move SHIB’s price decisively.
Adding to the prospects for Shiba Inu, the Shibarium network is poised for a significant upgrade with a hard fork scheduled for May 2. This update is expected to enhance the network’s efficiency, reduce costs, and better equip it to accommodate a growing user base. LUCIE shared an X post providing insights into this anticipated network transformation.
Shiba Inu Coin has recently made a significant recovery, climbing sharply on the latest 4-hour trading chart. The price of SHIB now stands at $0.00002543, marking a 1.28% increase over the past 24 hours. This positive change comes after a period of decline, signaling a bullish reversal for the token.
Fueled by the meme coin trend, Shiba Inu Coin has shown impressive resilience and capacity for recovery. Over the last week, the token has increased by more than 22% despite minor market corrections. The coin’s market capitalization now sits at $14.98 billion, placing it 11th among cryptocurrencies in terms of market cap. However, the trading volume has decreased by 12% in the last 24 hours, amounting to roughly $734 million.
The Bollinger Bands on the daily chart are squeezing, with the upper band at $0.00002986 and the lower band at $0.00002054. The Relative Strength Index (RSI) is hovering near the neutral 50 mark, currently at 49.11, indicating a neutral trend.
