- Sentiment around SHIB turned bearish in the last seven days.
- Buying pressure on SHIB remained high while its price dropped.
The crypto market has keenly waited for Bitcoin’s [BTC] fourth halving, as several expected the market to turn volatile.
A rise or drop in BTC’s price will have a larger impact on the crypto market, as altcoins often follow BTC’s trend. Shiba Inu [SHIB], one of the top meme coins, might also be affected by the episode.
Shiba Inu remains volatile
The past couple of weeks were not in investors’ best interest, as the meme coin’s value dropped by double digits. However, things changed in the last few days as SHIB’s price rallied.
According to CoinMarketCap, the token’s price surged by early 18% in the last 24 hours. At press time, it was trading at $0.00002736 with a market capitalization 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 evident from the drop in its Weighted Sentiment on the 17th of April. The drop indicated that bearish sentiment around the meme coin increased.
Its Social Volume also declined slightly during the last few days.
Source: Santiment
While Shiba Inu’s price dropped on the 15th of April, investors took the opportunity to buy the dip. AMBCrypto’s analysis of Santiment’s data revealed that SHIB’s Supply on Exchanges plummeted.
Meanwhile, its supply outside of exchanges increased last week, indicating that buying pressure on SHIB was high.
Moreover, SHIB remained the whales’ favorite. As per WhaleStats’ data, SHIB was the most traded token among the top 100 Ethereum [ETH] whales on the 18th of April.
However, despite being most traded, whales’ total SHIB holding didn’t change much, as evident from the supply held by the top addresses.
Source: Santiment
SHIB’s upcoming targets
High buying pressure on SHIB might soon allow the token to turn bullish. AMBCrypto checked its liquidation heat map to see the possible target zones for SHIB if a bull rally happens.
Going northward, as the meme coin already touched $0.000027 SHIB’s immediate target could be $0.00003.
A successful breakout above that could allow SHIB to touch $0.000035 before a price correction. However, if things turn bearish, the SHIB’s price might sink to its support near $0.000021 or $0.000017.
Source: Hyblock Capital
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
AMBCrypto then analyzed SHIB’s weekly chart to look for more ambitious targets if things turn bullish post-BTC halving. A bull rally in the coming days could allow SHIB to reach its March 2024 highs.
Going further north, the meme coin’s next target could be $0.000045, which it could hit before crossing its all-time high over the coming months.
Source: TradingView
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