SHIB Stalls at $0.00003, Analysts Still Bullish

SHIB Stalls at $0.00003, Analysts Still Bullish

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.

Umegbolu Medlyn Chinelo
About Umegbolu Medlyn Chinelo 81 Articles
Umegbolu Medlyn Chinelo transitioned from science to writing. She has over 3 years of experience and has written on various niches. She helps websites improve their Google rankings and currently interns at PanAsiaBiz, crafting cricket previews and crypto news. Medlyn thrives on challenges and enjoys learning. In her free time, she relaxes with movies and cooking.