Key Points
- SHIB’s sentiment turned bearish, but buying pressure remained high despite a price drop.
- Bitcoin’s fourth halving could potentially impact SHIB’s price, along with the entire crypto market.
The sentiment around Shiba Inu (SHIB) has shifted to a bearish outlook in the past week. Despite this, there was a significant buying pressure on SHIB, even as its price declined.
Market Anticipation for Bitcoin’s Halving
The crypto market is eagerly awaiting the fourth halving of Bitcoin (BTC), with many predicting market volatility. The price fluctuations of BTC can significantly impact the entire crypto market, as altcoins often mirror BTC’s trend. Therefore, SHIB, a leading meme coin, might also be influenced by this event.
The previous few weeks were not favorable for investors, as SHIB’s value decreased by double digits. However, the last few days have seen a rally in SHIB’s price. As per CoinMarketCap, the token’s price surged by almost 18% in the last 24 hours. At the time of writing, it was trading at $0.00002736 with a market capitalization surpassing $16 billion.
SHIB’s Market Sentiment and Buying Pressure
The sudden shifts in price led to a sharp increase in SHIB’s Price Volatility 1w. The Weighted Sentiment for SHIB dropped on April 17, indicating a rise in bearish sentiment around the meme coin. The Social Volume for SHIB also saw a slight decline in the past few days.
Despite a drop in SHIB’s price on April 15, investors seized the opportunity to buy the dip. Analysis of Santiment’s data revealed a significant decrease in SHIB’s Supply on Exchanges. Conversely, its supply outside of exchanges rose last week, suggesting that buying pressure on SHIB was high.
Furthermore, SHIB remained a favorite among whales. According to WhaleStats’ data, SHIB was the most traded token among the top 100 Ethereum (ETH) whales on April 18. However, the total SHIB holding of whales didn’t change significantly, as seen from the supply held by the top addresses.
This high buying pressure on SHIB could potentially lead to a bullish turn for the token. If a bull rally occurs, SHIB’s immediate target could be $0.00003. If it successfully breaks out above that, SHIB might reach $0.000035 before a price correction. Conversely, if the market turns bearish, SHIB’s price could drop to its support near $0.000021 or $0.000017.
A bullish rally in the coming days might allow SHIB to reach its March 2024 highs. Further north, the next target for the meme coin could be $0.000045, which it might hit before surpassing its all-time high in the following months.
