As of May 1, Shiba Inu (SHIB) is experiencing a notable downturn, trading at $0.00002113, reflecting a 10.72% decline over the past 24 hours and a 22% drop in the last week.
With the current market capitalization standing at approximately $12.3 billion, SHIB is significantly below its March peak of $21.1 billion, having shed about $4 billion in market cap in just the past week.
Despite this recent volatility, Shiba Inu has displayed a remarkable year-over-year growth of 110%, outperforming 69% of the top 100 cryptocurrencies over the same period.
The recent market dynamics have placed SHIB above its 200-day simple moving average, an indicator that often signals underlying strength amidst short-term fluctuations. Additionally, only 13 out of the last 30 days have been positive for SHIB, constituting 43% of the trading period, yet the coin’s performance over the past year suggests resilience in a broader perspective.
According to artificial intelligence (AI) and Machine Learning-based price forecasting algorithms, a conservative estimate for SHIB’s price by the end of May is projected at $0.000019. This forecast reflects the ongoing pressure but does not account for potential market catalysts that could influence a more substantial price movement.
Expert SHIB price analysis
A critical technical perspective was recently highlighted by crypto market expert Ali Martinez on the platform formerly known as Twitter.
Crypto market expert Ali Martinez on X formerly known as Twitter, has identified a bullish pattern forming in SHIB’s trading charts. Martinez notes that Shiba Inu is potentially developing a bull flag pattern on its daily chart—a classic continuation pattern that signifies a consolidation period following a strong price increase, potentially leading to another upward surge.
By placing buy orders around $0.000018343, Martinez anticipates a breakout that could propel SHIB’s price to $0.000072323. This target suggests a significant upside potential that could quintuple its current market price, should the bull flag pattern come to fruition.
#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
For investors, the implications of such a pattern are substantial. The bull flag not only signifies potential short-term gains but also aligns with SHIB’s impressive year-over-year performance and its current stance above the 200-day simple moving average (SMA).
This SMA often serves as a benchmark for the asset’s long-term trend, indicating that SHIB maintains a bullish trend over an extended period despite recent pullbacks.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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