The price of one Shiba Inu (SHIB) has not shown clear direction in the last few days, but instead, it has been going around the important support level of $0.00003.
April is when we witness the price volatility rising, implying that the coin’s short-term direction is hard to predict.
Yet, the 1-year SHIB sentiment still turns out to be positive as on-chain activities and analyst projections support it.
Current Market Dynamics:
SHIB’s price has remained confined to the tight range of around $0.00003, dipping as low as $0.00002958 over the weekend.
The bulls have, however, managed to grab the $0.00003 level, but the fact that there are still fluctuations suggests that it is not clear whether the buyers or sellers have an edge.
Persistent Long-Term Optimism:
Yet, despite the price consolidation of the previous week, SHIB still has a weekly profit of 8.6%. For instance, the coin has appreciated by a massive 123% monthly.
The result here is the continuity of the bullish movement, which took the price to the highest level of $0.00004456 since December of 2021.
Whale Accumulation and Analyst Commentary:
However, some whales, the high-volume holders known for purchasing large amounts of cryptocurrencies, are buying more and more of SHIB.
Hence, this kind of on-chain activity may be interpreted as a show of one’s confidence in the coin’s future value. Moreover, much-respected cryptocurrency analysts have also presented their bullish forecasts on the matter,
From Master Faibik’s perspective, the price duplication may result from the technical chart formation. However, Rekt Capital offers a different opinion, stating that the historical echo of the 2021 uptrend may be taking place.
The recent price action of SHIB during the past few days might put short-term traders on alert, while long-term investors and analysts still seem to be confident of the coins’ long-term bullish outlook.
The next few weeks can be decisive as the fight for price control between bulls and bears will probably continue.
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