As of May 1, Shiba Inu (SHIB) is experiencing a notable downturn, trading at $0.00002113, reflecting a 10.72% decline over the past 24 hours and a 22% drop in the last week. 

With the current market capitalization standing at approximately $12.3 billion, SHIB is significantly below its March peak of $21.1 billion, having shed about $4 billion in market cap in just the past week. 

SHIB 1-week price. Source: Finbold

Despite this recent volatility, Shiba Inu has displayed a remarkable year-over-year growth of 110%, outperforming 69% of the top 100 cryptocurrencies over the same period.

The recent market dynamics have placed SHIB above its 200-day simple moving average, an indicator that often signals underlying strength amidst short-term fluctuations. Additionally, only 13 out of the last 30 days have been positive for SHIB, constituting 43% of the trading period, yet the coin’s performance over the past year suggests resilience in a broader perspective.

According to artificial intelligence (AI) and Machine Learning-based price forecasting algorithms, a conservative estimate for SHIB’s price by the end of May is projected at $0.000019. This forecast reflects the ongoing pressure but does not account for potential market catalysts that could influence a more substantial price movement.

SHIB 1-month price prediction. Source: PricePredictions

Expert SHIB price analysis

A critical technical perspective was recently highlighted by crypto market expert Ali Martinez on the platform formerly known as Twitter. 

Crypto market expert Ali Martinez on X formerly known as Twitter, has identified a bullish pattern forming in SHIB’s trading charts. Martinez notes that Shiba Inu is potentially developing a bull flag pattern on its daily chart—a classic continuation pattern that signifies a consolidation period following a strong price increase, potentially leading to another upward surge.

By placing buy orders around $0.000018343, Martinez anticipates a breakout that could propel SHIB’s price to $0.000072323. This target suggests a significant upside potential that could quintuple its current market price, should the bull flag pattern come to fruition.

For investors, the implications of such a pattern are substantial. The bull flag not only signifies potential short-term gains but also aligns with SHIB’s impressive year-over-year performance and its current stance above the 200-day simple moving average (SMA). 

This SMA often serves as a benchmark for the asset’s long-term trend, indicating that SHIB maintains a bullish trend over an extended period despite recent pullbacks.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 





Source link

Open next page to continue reading

Share.
Leave A Reply