Shiba Inu (SHIB) has continued its bearish trend and is currently trading around the $0.0000285 level.  The recent sell-off of 533.6 billion SHIB tokens, worth $15.99 million in DAI stablecoin, by a single entity across 11 wallets has raised concerns about market stability and the influence of large holders in the SHIB community.

Furthermore, the overall downward trend in the cryptocurrency market has contributed to the pressure on Shiba Inu (SHIB) coin prices.

SHIB Token’s Market Dips Following Major Sell-Off

A significant sale of SHIB tokens recently impacted its market performance, leading to a subdued trading atmosphere. Despite a minor uptick in price, trading activity plunged by 32.27% in 24 hours, accompanied by a 1.51% fall in open interest, indicating decreased trader engagement.

SHIB token sale led to reduced price and trading interest.
32.27% drop in trading volume and 1.51% decrease in open interest observed.

Shiba Inu (SHIB) Set for a Stellar 100% Rise in April

ChatGPT anticipates a remarkable 100% increase in Shiba Inu (SHIB) value for April, signaling a promising rebound driven by market forces and investor sentiment.

However, the actual effect of this surge is yet to be observed, given the prevailing market fluctuations and significant transactions by large holders.

ChatGPT foresees a 100% rise in SHIB’s value in April.
Market dynamics and investor sentiment are key drivers, amidst ongoing volatility.

The Emergence of Shiba Budz (BUDZ) and Its Impact on the Meme Coin Market

Shiba Budz (BUDZ), dubbed the “SHIB Killer,” is a new entrant in the cryptocurrency market, capturing significant interest, especially from Shiba Inu (SHIB) investors.

With a staggering 420% value increase, BUDZ has shifted the meme coin narrative towards tokens that offer unique features and practical uses.

This trend highlights a broader market shift towards valuing innovation and utility in cryptocurrencies.

Consequently, Shiba Budz’s meteoric rise is impacting Shiba Inu’s market position, as investors migrate towards BUDZ, enticed by its potential and novelty, thereby affecting SHIB’s market value.

Shiba Budz (BUDZ) surges by 420%, challenging Shiba Inu (SHIB).
Market trends favor innovative and utility-driven meme coins.
Shiba Budz’s success diverts investor interest from SHIB, affecting its price.

Shiba Inu Price Prediction

Shiba Inu (SHIB/USD) is witnessing a downturn, with its price dropping nearly 8% to $0.000028896 over the past 24 hours. The pivot point at $0.0000295, once a support, now serves as resistance.

Shiba Inu (SHIB/USD) faces a downturn, dropping nearly 8% to $0.000028896. The pivot at $0.0000295 now acts as resistance, with further supports at $0.0000277 and $0.0000263. Bearish trends persist as RSI indicates selling pressure. Watch for potential shifts at key levels. #SHIB pic.twitter.com/fikPFEQBzN

— Arslan Ali (@forex_arslan) April 1, 2024

Shiba Inu shows bearish momentum below $0.0000295.
Resistance levels and RSI indicate potential for continued selling.
Watch for price action at the $0.0000295 pivot point for market direction.

Key resistance levels are at $0.0000308, $0.0000328, and $0.0000348, while support is found at $0.0000277, $0.0000263, and $0.0000247. The Relative Strength Index (RSI) is at 38, suggesting bearish momentum.

 Shiba Inu Price Chart – Source: Tradingview

The 50-day Exponential Moving Average (EMA) stands at $0.0000300, indicating a potential for continued selling pressure if SHIB remains below the pivot point. The breach of its upward channel suggests a bearish outlook, with potential for further declines if the current resistance holds.

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