The popular memecoin Shiba Inu (SHIB) has been a curiosity for investors for a long time. Especially due to the volatile trading market in recent weeks, many investors are wondering in which direction the price of the Shiba Inu will move in May. Cryptocurrency experts gave their comments on the subject! Here are the details…
Will the popular meme coin Shiba Inu (SHIB) perform to the upside in May?
cryptocoin.com As we reported, the price of Shiba Inu (SHIB) has shown a solid rise since the beginning of the year. Still, as the market has been more volatile lately, many investors are wondering if SHIB will be able to return to its bullish trend in May after its bearish performance throughout April.
On the other hand, there are several reasons why the Shiba Inu is a good buy this month. First, the meme token community is growing rapidly, and many believe in the long-term potential of the project. The Shiba Inu team is working hard to develop a decentralized ecosystem that includes a decentralized exchange, immutable token (NFT) platform, and more.
Recent posts in the “Shibarium Tech” Telegram group show that the Shiba Inu community is also desperate to hear about the latest on Shibarium. A number of attempts were made to get information from Shytoshi Kusama on the Telegram channel, and individuals cited Kusama’s promise that “he will deliver big news before May” as the reason. As of April 27, they still have not received any news. In response, Kusama stressed that everything done at Shibarium, including transfer tokens, is completely transparent and “highly public.” In addition, he added that the Shibarium team is working hard.
However, according to experts, any positive news about Shibarium in late April or early May could have a positive impact on the meme coin price in May.
SHIB price analysis
The current price of SHIB is at $0.00001026 and has lost 2.51% in the last 24 hours. This downward trend continued throughout the past week, losing 6.33 percent of its SHIB value. Despite these recent losses, SHIB still has a substantial market cap of $6.05 billion.
It is worth noting that SHIB has two important levels to keep in mind for traders who want to analyze price movements: 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 most likely to enter the market and sell SHIB holdings, putting downward pressure on its price.
If the price of SHIB dips below the $0.0000095 support level, it could be seen as a sell signal, while a break above the $0.00001 resistance level could be seen as a bullish signal.
The sentiment around SHIB on TradingView indicators is largely bearish and suggests selling at 14. Specifically, this result summarizes the moving averages (MA) standing in the ‘strong sell’ zone at 13 and the oscillators at ‘neutral’ at 8.
As a result, SHIB price movements are expected to be affected by the broader side of the cryptocurrency market unless there are significant developments regarding Shibarium. In such a scenario, the price of the meme coin will largely depend on the progress and developments made within its ecosystem and community.
