The Shiba Inu (SHIB) cryptocurrency has maintained its downward trend and is presently trading close to the $0.0000285 valuation level. Concerns have been expressed over the stability of the market and the influence of major holders within the $SHIB community as a result of the recent sale of 533.6 billion #SHIB tokens by a single organization across 11 wallets. The sale was valued $15.99 million in DAI stablecoin.
In addition, the widespread downward trend in the cryptocurrency market has been a contributing factor in the pressure that has been exerted on the values of Shiba Inu (SHIB) coins.
As a result of a significant sell-off, the market for SHIB Token sinks.
Recently, a big sale of SHIB tokens had an influence on the market performance of the cryptocurrency, which resulted in a depressed trading environment. Trading activity dropped by 32.27% in only twenty-four hours, followed by a 1.51% drop in open interest, which indicates a decline in trader involvement. This occurred despite the fact that the price saw a little increase.
The selling of SHIB tokens resulted in a decrease in both price and trading interest.
An reported reduction in open interest of 1.51% and a fall in trading volume of 32.27% were noted.
In the month of April, the #Shiba Inu (SHIB) is expected to see a phenomenal increase of one hundred percent.
The Shiba Inu (SHIB) value is expected to see a stunning growth of one hundred percent in the month of April, according to ChatGPT, which indicates a hopeful resurgence driven by market forces and investor mood.
A larger market movement toward rewarding innovation and usefulness in cryptocurrencies is highlighted by this trend, which in turn emphasizes the trend.
Prediction on the Price of Shiba Inus
There has been a decline in the value of Shiba Inu (SHIB/USD), with its price falling by over 8% to $0.000028896 over the course of the last twenty-four hours. In the past, the pivot point at $0.0000295 served as a support; however, it is currently acting as resistance.
A negative momentum is being seen by Shiba Inu below $0.0000295.
There is a possibility that selling will continue, as indicated by resistance levels and RSI.
Keep an eye on the price behavior at the pivot point of $0.0000295 to determine the direction of the market.
The most important levels of resistance are located at $0.0000308, $0.0000328, and $0.0000348, while the levels of support can be found at $0.0000277, $0.0000263, and $0.0000247. Relative Strength Index (RSI) is now at 38, which indicates that negative momentum is present.
If the SHIB price continues to stay below the pivot point, the 50-day Exponential Moving Average (EMA) is now around $0.0000300, which indicates that there is a possibility of continuation of selling pressure. Its upward channel has been broken, which indicates a bearish picture, and there is the possibility of more drops if the resistance that is now in place is maintained.
