Shiba Inu continues to be a major follower of Dogecoin over the years. During this period, the meme coin, which had its highs and lows, reflected a resurgence last March. During this time, SHIB‘s price had experienced a sharp increase. So, what developments are currently happening on the SHIB side?
Current Status of Shiba Inu Prices
As of May 1, when a price analysis was conducted, a significant drop was observed on the Shiba Inu (SHIB) side, with the price trading at $0.00002113. This price level highlights a 10.72% drop in the last 24 hours, reflecting a 22% drop over the past week.
Following these declines, SHIB’s market value has fallen to $12.3 billion, significantly below the $21.1 billion peak reached in March, with about $4 billion lost in market value just last week.
Despite the price movements, Shiba Inu has shown a remarkable growth of 110% since the beginning of the year, performing better than 69% of the top 100 cryptocurrencies in the same timeframe.
Looking at the current market outlook, SHIB is seen to be above its 200-day simple moving average, serving as an indicator of the underlying potential strength amidst short-term price movements. On the other hand, only 13 of the last 30 days have shown a positive outlook for SHIB.
According to predictions made by Artificial Intelligence (AI) and Machine Learning-based price prediction algorithms, a new drop in SHIB price could be triggered by the end of May. The prediction suggests the price could fall to $0.000019.
Analyst’s SHIB Analysis
Recently, a prominent market figure, Ali Martinez, shared his views on SHIB on X, highlighting a rising formation in the transaction-based chart of SHIB.
According to Martinez, Shiba Inu is potentially forming a bull flag formation on its daily price chart. This formation is based on a period of consolidation following a sharp price increase, generally followed by another potential rise.
Martinez mentioned having a buy order at $0.000018343 and stated that SHIB’s price could potentially move to $0.000072323, facing a breakout.
The target set by Ali Martinez, if the bull flag formation works, could potentially increase the current market price by five times, highlighting a significant price movement.
For investors, the formation of such a pattern is of great importance in terms of results.
The bull flag formation not only generally represents short-term gains but also parallels SHIB’s impressive year-to-year performance and its current position above the 200-day simple moving average (SMA).
This SMA indicator generally serves as a benchmark for the long-term trend of the cryptocurrency, and despite recent pullbacks, it indicates that SHIB has maintained an upward trend over a long period.
