Will SHIB Price Break This Trend?

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The price of dog-themed cryptocurrency Shiba Inu (SHIB) rose 2.5 times in 2024, according to an on-chain analysis firm. Into the Block Meanwhile, demand for meme coins has reached its highest level since 2021. As a result of this incredible rise, the total value of meme coins nearly tripled in 2024.

Despite optimism surrounding SHIB’s potential, especially given its strong community support and continued development, the historical trend of negative April closing prices is overshadowed by uncertainty. It seems to be dropping.

Data analysis reveals a recurring trend of Shiba Inu facing downward pressure in April. Whether due to market sentiment, profit-taking, or historical coincidence, April’s price action was not favorable for SHIB.

SHIB/USD monthly chart, provided by TradingView

Hit TradingView According to the data, Shiba Inu prices decreased in April of the previous year, by 21.90% in April 2022, by 6.83% in April 2023, and by 11.16% as of April 2024.

This pattern has caused many people to wonder. Will SHIB be able to break free from this trend, or will the “April jinx” be a repeat of fate?

defensive bulls

This year, the stakes are higher as the bulls appear to be on the defensive, ready to protect their profits and hoping for a market rally that could erase the zero from SHIB prices. Masu.

The current issue is the 50 trillion SHIB level, which could determine the direction of Shiba Inu’s price.according to Into the block data50.66 Trillion SHIB was purchased by 80,380 addresses at an average price of $0.000027, ranging from $0.000025 to $0.000029.

Below this range, support for SHIB is relatively limited, suggesting further decline is possible if the price breaks below current levels. The next most important support range was $0.000019 to $0.000025, where 71.44 trillion SHIB was purchased by 83,310 addresses at an average price of $0.000023.

On the other hand, if Shiba Inu sustains the current rally, the next resistance levels are $0.000029 and $0.00003, which would result in 18.35 trillion SHIB being purchased by 44,450 addresses.

At the time of writing, SHIB was up 2.91% in the past 24 hours to $0.000027.

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Tomiwavoldo Olajide

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