SHIB's price has had a solid rise since the start of the year, many investors are wondering if SHIB can return to a bullish trend in May.
In response, Kusama emphasized that everything done on Shibarium, including the transfer tokens, is completely transparent and “very public.” In addition, he said that the Shibarium crew is “in go mode, not in bro mode.” Any positive news about Shibarium at the end of April or the start of May could have positive implications for the meme tokens price in May.
Shytoshi Kusama Shibarium update. Source: Telegram
SHIB price analysis
The current price of SHIB is $0.00001026, representing a 2.51% decrease in value over the last 24 hours. This downward trend has continued over the past week, with SHIB losing 6.33% of its value. Despite these recent losses, SHIB still boasts a respectable market cap of $6.05 billion.
If SHIB’s price were to drop below the support level of $0.0000095, it could be seen as a signal to sell, while a breakout above the resistance level of $0.00001 could be seen as a bullish signal.
SHIB 7-day price chart. Source: Finbold
Shiba Inu’s technical analysis
SHIB 1-day sentiment gauges. Source: TradingView
All in all, the SHIB price movements are expected to be influenced by the broader direction of the cryptocurrency market unless there are significant developments related to Shibarium. In such a scenario, the price of the meme token would largely depend on the progress and advancements made within its ecosystem and community.
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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