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Crypto markets have been sluggish, with Bitcoin (BTC) experiencing a rapid decline over the weekend due to the halving effect. Shiba Inu (SHIB) rose up to 24% on Sunday but remained below $0.000028, reflecting Bitcoin‘s failure to rise above $60,000. Here are the details!
Price Target for SHIB
Meme token prices, characterized by consolidation in recent days, might be poised for a further increase with SHIB targeting the $0.000036 level. SHIB, the second largest meme token, is currently trading at $0.00002748. It has shown nearly a 3% increase in the last 24 hours, with its market value also rising by 1.5% to $16.31 billion.
According to cryptocurrency data provider CoinMarketCap, Shiba Inu ranks 11th among other cryptocurrencies. Shiba Inu‘s price performance has seen a significant drop over the past few weeks, falling from its 2024 high of $0.00004563 to testing the $0.00002 support level. However, this decline reflects the overall outlook of the crypto market and the general downturn in prices.
Support Level for SHIB
Amid geopolitical tensions in West Asia, Bitcoin rose above $70,000 again before dropping to $60,000 in April. Following the Bitcoin halving, investors might expect a supply cut and a potential parabolic rise affecting the rest of the crypto market by the end of the year. The 20-day exponential moving average (EMA) strengthens the indicated support at approximately $0.000026, with the 200-day and 50-day EMAs below the same level.
On the other hand, the SHIB price is struggling for a breakout above the descending black trend line. If SHIB confirms above this level, it could increase investor risk appetite, contributing to upward momentum. The Moving Average Convergence Divergence (MACD) indicator needs to reconfirm the buy signal in the four-hour range.
