Keeping track of Shiba Inu’s next moves post Bitcoin halving

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    Sentiment around SHIB turned bearish in the last seven days. 
    Buying pressure on SHIB remained high while its price dropped. 

Anticipation has built up in the cryptocurrency world for Bitcoin‘s (BTC) upcoming halving event, the fourth one in its history. Some analysts predict that this occurrence could lead to increased volatility in the market.

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The price fluctuations of Bitcoin (BTC) significantly influence the cryptocurrency market since many altcoins typically mirror its movements. Shiba Inu (SHIB), a popular meme coin among them, could potentially be swayed as well.

Shiba Inu remains volatile

Over the last two weeks, it wasn’t a good time for investors as the value of the meme coin plummeted by more than 10%. But in the past few days, there’s been a turnaround and SHIB‘s price has surged.

Based on CoinMarketCap’s data, the token experienced a significant increase of approximately 18% in price within the last 24 hours. Currently, its value is at $0.00002736 during this reporting, and its market capitalization exceeds $16 billion.

The sudden price movements caused the token’s Price Volatility 1w to rise sharply.

On April 17th, the feeling towards Shibaswap (SHIB) shifted unfavorably based on a decrease in its overall sentiment score. This decline suggested an uptick in pessimistic views regarding the meme currency.

Its Social Volume also declined slightly during the last few days.

On the 15th of April, as the price of Shiba Inu declined, investors seized the moment to purchase SHIB at a lower cost. An examination of Santiment’s data by AMBCrypto uncovered a significant decrease in Shiba Inu’s supply held on exchanges.

Last week, the amount of SHIB in circulation outside of exchanges grew, suggesting strong demand or purchasing activity for the cryptocurrency.

Additionally, according to WhaleStats’ reports, SHIB emerged as the preferred choice amongst the leading 100 ETH (Ethereum) whales on the 18th of April, with the highest volume of trades recorded for this token.

Despite ranking as the most actively traded cryptocurrency among whales, the overall SHIB holdings of these large investors remained relatively stable based on the amounts held in the leading wallets.

SHIB’s upcoming targets

The demand for purchasing SHIB is increasing significantly, potentially leading to a shift in market trend towards bullish territory. By examining AMBCrypto’s liquidation heat map, potential price levels that SHIB could reach during an uptrend can be identified.

Heading north, the value of SHIB, the meme coin, has reached $0.000027. Its next potential price point could be around $0.00003.

If SHIB manages to surpass that level, it may reach $0.000035; however, a correction could ensue afterward. Conversely, if the market turns bearish, SHIB’s price might drop down to its support levels around $0.000021 or even $0.000017.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

After examining Shiba Inu’s weekly chart, AMBCrypto searched for potential higher goals if a bull market emerges following Bitcoin’s halving event. A possible bullish trend in the near future might propel Shiba Inu to reach its peak prices from March 2024.

Moving forward, the meme coin may reach a value of $0.000045 as it goes north, potentially achieving this milestone before surpassing its previous record high within the next few months.

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2024-04-21 15:03