Today, on May 1, 2024, the overall cryptocurrency market is experiencing massive downside momentum, affecting top cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu, which have also experienced a significant price drop. Following today’s massive price drop and the previous price consolidation in Shiba Inu (SHIB), it creates a buying opportunity for traders as well as investors.
Bullish sign in SHIB, will price increase?
SHIB made its latest 52-week high on March 5, 2024. Since then, it has been consolidating for nearly two months and has formed a bullish flag and pole pattern structure. However, during this price consolidation, SHIB experienced over a 50% price drop. Looking at this bullish price action pattern, a prominent crypto expert and trader recently made a post on X (previously Twitter) and highlighted the current price action, hinting at a bullish trend for SHIB.
In the recent market fall, SHIB is trading near $0.000021, and in the last 24 hours, it experienced over a 9% downside momentum. If we look at the performance of SHIB over a longer period, in the last seven days, SHIB’s price dropped by over 22%, whereas in the last 30 days, it experienced over a 26% downside momentum.
Besides SHIB’s massive price drop in the last 24 hours, the 24-hour trading volume significantly surged by 35%, currently standing at over $800 million. This massive surge in trading volume highlights investors’ as well as traders’ interest in SHIB, indicating a possible massive accumulation.
SHIB technical analysis and Key levels
According to expert technical analysis, on the daily timeframe, SHIB is at a strong support level of $0.000021. If SHIB fails to sustain this level, then there might be a chance that SHIB could fall more than 20% and take support from the 200EMA (Exponential Moving Average). Looking at the current situation, the overall market is bleeding and experiencing downside momentum.
However, other meme coins like DOGE, PEPE, WIF, BONK, and many others have also massively fallen. According to the data from CoinMarketCap, these top meme coins experienced over an 8% downside momentum, whereas the overall crypto-meme sector is down by 5%.
