Shiba Inu Its price experienced a significant decline on the first day of May and is traded at $0.00002113. SHIB recorded a decrease of 10.72% in the last 24 hours and 22% in the last week.
With a current market cap of approximately $12.3 billion, the meme coin is trading significantly below its peak of $21.1 billion in March. The coin lost nearly $4 billion in market value in the past week alone.
Despite the fluctuations recorded, the Shiba Inu has shown significant year-over-year growth of 110%. This indicates a better value than 69% of the top 100 cryptocurrencies in the same period.
With the latest developments, Meme coin rose above the 200-day simple moving average. Additionally, only 13 of the last 30 days have been positive for SHIB. this too meme coin‘s performance last year demonstrates resilience in a broader perspective.
According to artificial intelligence (AI) and Machine Learning based price prediction algorithms, by the end of May SHIB He predicts a more conservative estimate of $0.000019 for its price. This forecast reflects ongoing pressure but does not take into account potential market catalysts that could impact a more significant price movement.
Ali Martinez detected a bullish pattern forming on the Shiba Inu trading charts. The analyst placed buy orders around $000018343, looking for a breakout that could push the SHIB price to $0.000072323. waiting.
#ShibaInu appears to be forming a bull flag on the daily chart! I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
The consequences of such a formation are important for investors. The bull flag not only signals potential short-term gains, but is also in line with SHIB’s impressive year-over-year performance and current stance above the 200-day simple moving average (SMA).
This SMA often serves as a benchmark for the asset’s long-term trend and indicates that SHIB has maintained an uptrend over a long period of time despite recent pullbacks.
