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.
Shiba Inu’s (SHIB) price has had a solid rise since the start of the year. Still, with trading choppier as of late, many investors are wondering if SHIB can return to a bullish trend in May after the bearish performance throughout April.
Yet, there are several reasons why Shiba Inu could be a good buy this month. Firstly, the meme token’s community is growing rapidly, with many people believing in the project’s long-term potential. The Shiba Inu team has been working hard to develop a decentralized ecosystem that includes a decentralized exchange, non-fungible token (NFT) platform, and more.
Recent posts in the Telegram group “Shibarium Tech” demonstrate that the Shiba Inu community is also desperate to hear about the latest developments with Shibarium. There have been a number of attempts to get information out of Shytoshi Kusama on the Telegram channel, with individuals citing his promise of “big news before May” as the justification. As of April 27, they still haven’t heard anything.
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.
For traders and investors looking to analyze SHIB’s price movements, it’s worth noting that there are two key levels to keep in mind: the support level and the resistance level. The support level is currently set at $0.0000095. On the other hand, the resistance level, currently set at $0.00001, represents the price at which sellers are likely to enter the market and sell their SHIB holdings, putting downward pressure on its price.
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
In the meantime, the sentiment around XRP on the one-day gauges from the finance and cryptocurrency monitoring website TradingView is largely bearish, suggesting ‘sell’ at 14. Specifically, this result summarizes moving averages (MA) standing in the ‘strong sell’ zone at 13 and oscillators at ‘neutral’ at 8.
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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