Shiba

2024

April

Shiba Inu

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The price of the dog-themed cryptocurrency <a href="https://u.today/shiba-inu-soars-1058-in-key-metric-as-shib-whales-make-epic-moves" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> has increased 2.5 times in 2024, according to on-chain analytics firm <a href="https://twitter.com/intotheblock/status/1776505363598061620" rel="noopener noreferrer nofollow">IntoTheBlock</a> in its Q1 report, while demand for meme coins has reached its highest level since 2021. The aggregate worth of meme coins has nearly tripled in 2024 as a result of this tremendous rise.
Despite the optimism surrounding SHIB's potential, particularly given its strong community support and continuous developments, the historical trend of a negative April close seems to cast a shadow of uncertainty.
Data analysis reveals a recurring trend where Shiba Inu tends to face downward pressure in April. Whether it's due to market sentiment, profit-taking, or historical coincidence, April has not been favorable for SHIB in terms of price movement. <img alt="TradingView" data-entity-type="file" data-entity-uuid="ef33ba1f-014d-4e87-a526-8699d675f8df" src="https://u.today/sites/default/files/inline-images/2024%200604%200000.png"><a href="https://www.tradingview.com/x/lkcVnI9Z/" rel="noopener noreferrer nofollow">SHIB/USD Monthly Chart, Courtesy: TradingView</a>
Per <a href="https://www.tradingview.com/x/lkcVnI9Z/" rel="noopener noreferrer nofollow">TradingView</a> data, the Shiba Inu price has dropped in previous April, by 21.90% in April 2022 and 6.83% in April 2023, and is currently down 11.16% so far in April 2024.
This pattern has left many wondering: Will SHIB break free from this trend, or is the "April jinx" a destined repeat?
<h2 id="bulls-on-defensive">Bulls on defensive</h2>
This year, the stakes are high as bulls appear to be on the defensive, ready to guard their gains and hopeful for a market rally that could erase a zero from the SHIB price.
The current contention is the 50 trillion SHIB level, which might determine Shiba Inu's price direction. According to <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock data</a>, 50.66 trillion SHIB were bought by 80,380 addresses in the range between $0.000025 and $0.000029 at an average price of $0.000027.
Below this range, <a href="https://u.today/shiba-inu-shib-triggers-negative-1146-netflow-spike-implications" rel="noopener noreferrer nofollow">SHIB</a> has relatively limited support, implying that if the price falls below current levels, it may fall further. The next significant support range is $0.000019 to $0.000025, where 71.44 trillion SHIB were purchased by 83,310 addresses at an average price of $0.000023.
On the other hand, if Shiba Inu sustains its current rebound, it would confront the next resistance at $0.000029 and $0.00003, where 18.35 trillion SHIB were bought by 44,450 addresses.
At the time of writing, SHIB was up 2.91% in the last 24 hours to $0.000027.

Shiba Inu's April Anomaly: Will SHIB Price Break This Trend?

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