CaryptosHeadlines Media Has Launched Its Native Token CHT.
Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT.
Join the Airdrop at the official website,
CryptosHeadlinesToken.com
Shiba Inu (SHIB) coin is still experiencing a roller-coaster momentum amid bearish sentiments in the broader crypto market.
While SHIB investors and traders await positive price outcomes, historical data suggests a continued bear market in April.
The market now watches to see other ecosystem developments that could trigger a possible SHIB rally.
Historical SHIB Price in April
The latest Shiba Inu price crash has captivated the market, causing speculation on what lies ahead in the new month.
Data from Cryptorank paints a bearish picture, indicating an average monthly return of just 3.5% for SHIB in April.
SHIB price has jumped only 2% thus far this month, surpassing its February and January losses of 26.1% and 10.9%, respectively.
Shiba Inu coin has traded lower for the past three years in April. The memecoin decreased by 22% in April 2022, 6.4% in 2023, and 26.9% in 2024, respectively.
Should the current trend continue, the price of SHIB may further decline in the coming month.
However, a closer look at the data unveils a complex narrative. The price of Shiba Inu surged by 69.4% in April 2021.
Additionally, the second quarter has seldom closed positively for SHIB, with only one such occurrence recorded in 2021.
Regardless of the outcome, the Shiba Inu price scenario stands out among the most compelling among top memecoins.
Current SHIB Overview and Ecosystem Trend
At the time of writing, Shiba Inu coin’s price was trading for $0.00001414, down by 3.4% in the past 24 hours. This selloff comes as the broader ecosystem plunges into a major sell-off.
The daily trading volume decreased by 44% to $308.95 million, suggesting investors’ reduced activity at the time of writing.
The rate of SHIB is far from the key levels in the daily time frame, as neither bulls nor bears dominate the market.
On the hourly chart, the price of SHIB might have found a local support level of $0.00001405. If the daily bar closes far from that mark, one can expect a test of the resistance.
Shiba Inu also tagged along with several ecosystem developments that could trigger an imminent rally.
One of these factors is the Shiba Inu token-burning mechanism, which has sparked widespread interest from investors and trading participants.
Earlier this month, Shiba Inu burned 535.85 million tokens, marking a 415% increase in burn rate.
More future token burns will reduce the supply of SHIB, potentially increasing price once demand picks up.
Increased activity in Shiba Inu’s Layer-2 scaling solution Shibarium could also fuel a potential SHIB rally.
Shibarium has registered substantial growth, recently recording 953 million transactions registered onchain per an earlier report from The Coin Republic.
Shiba Inu Coin Price Prediction
So far, the price point has undergone numerous test attempts. Still, the memecoin has failed to create or sustain upward momentum above it.
Such a decisive approach towards this area can initiate a substantial market sell-off.
However, Shiba Inu coin is nearing a crucial resistance level, and a confirmed breakout could spark a sharp upward movement.
Analysts have predicted a 20% price jump if Shiba Inu breaches the key price barrier soon.
Others have forecasted that SHIB might experience a 12 times increase that could raise its price to $0.0001833.
