Shiba Inu Price Forecast Following 22% Decline in SHIB Over the Past Week – Identifying the Next Support Level.

SHIB has increased by 1% over the last 24 hours, with the Shiba Inu price also rising by 3% in the past hour as the market adjusts some of its recent declines.

Currently priced at $0.00002248, SHIB is down by 20% over the past week, and the meme token has experienced a 10% decrease in the last 30 days.

Nonetheless, the recent hourly increase brings optimism for a potential recovery, and with Shiba Inu still up by 93% year-over-year, it maintains encouraging medium- and long-term momentum.

Once the recent selloff concludes, it could easily align with the market to initiate a robust recovery.

Shiba Inu Price Prediction as SHIB Drops 22% in 7 Days – Where is the Next Support?

SHIB’s movement in the last hour has enhanced the appearance of its price chart, with indicators beginning to indicate that the recent decline may be concluding.

For example, its relative strength index (purple) has rebounded from 40 earlier this morning to 60 today, and its ascent is so pronounced that it appears poised to reach 70, if not higher.

Source: TradingView

Meanwhile, SHIB’s 30-day average (orange) has slightly tilted upwards, and considering it has remained significantly below the 200-day average (blue) for several days, it seems likely to rise again.

It will be intriguing to observe if SHIB can surpass its resistance level (red), with the $0.00002365 mark also being a significant resistance point.

Additionally, it is noteworthy that the coin’s resistance and support (green) levels have formed a pennant, suggesting that a significant movement is imminent.

Of course, the recent surge could indeed be indicative of this very movement.

692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallet https://t.co/EanzRBG2jj

— Whale Alert (@whale_alert) April 8, 2024

Regarding factors that could prolong or limit the current rally, the market is anticipating the upcoming Bitcoin halving, scheduled for Saturday.

It appears that the halving has prompted some miners to liquidate their BTC holdings, as they will face financial strain due to a 50% reduction in their income.

However, it is possible that the initial shock will transition into a more favorable narrative typically associated with the Bitcoin halving.

This could lead to increased bullish sentiment across the board, with the Shiba Inu price likely to benefit similarly to many other altcoins.

It could reach $0.000040 by summer, before approaching Q4 2024 at around $0.00010.

Newer Meme Tokens Could Be More Profitable

It is important to note that as SHIB has become increasingly established in recent months and years, it may not experience the same level of volatility that characterized its earlier years.

For this reason, traders might find it more advantageous to allocate some of their portfolios to newer meme tokens, which can often experience disproportionate rallies.

One of the most promising new meme coins currently is Slothana (SLOTH), a Solana-based token that has raised over $10 million in its presale.

Hold onto your branches, Slothana faithful! We’re gearing up to drop some major news: the official launch date is on the horizon! Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…

— Slothana (@SlothanaCoin) April 14, 2024

Interestingly, there is speculation that Slothana is linked to the same team that launched the successful Smog (SMOG) token, which saw significant gains upon its listing earlier this year.

SLOTHANA could, therefore, replicate a similar trajectory, with its presale figures indicating substantial support.

In fact, it already has a robust and expanding community, with its official X account now boasting over 20,000 followers.

The market is increasingly anticipating positive outcomes for SLOTHANA once it lists, and with Solana-based meme tokens performing well over the past six months, it is certainly launching at an opportune moment.

Additionally, it benefits from a distinctive meme featuring the humble sloth, which playfully symbolizes the desire of many retail traders to escape the conventional 9-5.

Its presale will conclude in 11 days, although newcomers can still participate by visiting the Slothana website.

They can acquire SLOTH at a rate of 1 SOL for 10,000 SLOTH, which equates to approximately $0.019393 per coin.

Tokens will then be airdropped to investors once the sale concludes, at which point Slothana will be listed on trading platforms and potentially experience significant growth.

Visit Slothana Now

The post Shiba Inu Price Prediction as SHIB Drops 22% in 7 Days – Where is the Next Support? appeared first on Cryptonews.