Keeping track of Shiba Inu’s next moves post Bitcoin halving
  • Sentiment around SHIB has turned bearish over the past 7 days.
  • Buying pressure on SHIB remained high, but the price fell.

The virtual currency market has been waiting for Bitcoin’s [BTC] Some expected the market to be volatile.

Altcoins often follow the trend of BTC, so a rise or fall in BTC price has a significant impact on the crypto market. Shiba Inu [SHIB]one of the top meme coins, this episode may also be affected.

Shiba Inu is still unstable

The past few weeks have not been in the best interest of investors, as the value of meme coins has fallen by double digits. However, the situation has changed in the last few days as the price of SHIB has increased.

according to coin market cap, the price of the token has surged by early 18% in the past 24 hours. At the time of writing, it was trading at $0.00002736 and the market capitalization was over $16 billion.

Due to the sudden price change, the token’s price volatility 1w increased sharply.

Market sentiment on SHIB turned negative as evidenced by the decline in weighted sentiment on April 17th. This decline indicates growing bearish sentiment towards memecoins.

Over the past few days, social volume has also decreased slightly.

SHIB 1-week price volatility increases

Source: Santiment

Although Shiba Inu prices fell on April 15th, investors took advantage of the opportunity to buy on the bullshit. AMBCrypto’s analysis of Santiment data reveals that the supply of SHIB on exchanges has plummeted.

Meanwhile, off-exchange supply increased last week, indicating high buying pressure on SHIB.

Additionally, SHIB remained a whale favorite. According to WhaleStats dataSHIB was the most traded token among the top 100 Ethereum [ETH] Whale on April 18th.

However, despite being the most traded, Whale’s total SHIB holdings did not change much, as evidenced by the supply held by the top addresses.

There was a lot of pressure to buy Shiba Inu dogs.There was a lot of pressure to buy Shiba Inu dogs.

Source: Santiment

SHIB’s future goals

With high buying pressure on SHIB, the token could turn bullish soon. AMBCrypto checked the liquidation heatmap to see the zones that SHIB could target if a bull market occurs.

Moving northward, SHIB’s immediate target could be $0.00003 as Memecoin has already reached $0.000027.

A successful breakout above this could allow SHIB to reach $0.000035 before a price correction. However, if the situation turns bearish, SHIB price could fall to support near $0.000021 or $0.000017.

Source: Hyblock Capital

read Shiba Inu [SHIB] price prediction 2024-25

AMBCrypto then analyzed SHIB’s weekly chart to look for more ambitious targets if things turn bullish after the BTC halving. A bullish rally over the next few days could push SHIB to March 2024 highs.

Moving further north, memecoin’s next target could be $0.000045, which it could reach before breaking above all-time highs in the coming months.

Source: TradingView

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