SHIB kicked off April with a strong rebound, surging over 5% after five consecutive days of decline, reaffirming bullish price forecasts.
The sell-off imposed by recent economic uncertainty—recession fears bolstered by Trump’s planned “tariff war” escalations—seems to have been priced in.
However, retail liquidity remains lapse under heavy market FUD, but analysts remain confident in the meme coin’s claim to the “best crypto to buy” conversation.
Why Shiba Inu Has Potential
While Shiba Inu has been in free fall for 4 months, its Layer-2 blockchain Shibarium continues to thrive, reaching the 1 billion transaction milestone on April 1.
This feat comes just 18 months after the launch in 2023. Commentators have likened the milestone to that of Bitcoin, which took 15 years.
SHIB also faces strong deflationary pressure from its burn mechanism, with over 1.16 billion tokens removed from circulation over the past 7 days.
Whales are also doubling down on their positions. According to IntoTheBlock data, Shiba Inu’s large transaction volume, an indicator of whale activity, increased by 465% on April 1.
These underlying fundamentals bolster the long-term outlook for Shiba Inu and its ecosystem.
SHIB Price Analysis: Are More Gains Ahead?
Shiba Inu could be primed for significant growth with the recent breakout of the descending channel that has guided its 4-month decline.
While the breakout’s initial momentum has waned, the immediate $0.000012 support zone that has guided lows since mid-2024 marks a potential bottom.
If held, the pattern sets a SHIB price target around $0.000023, marking a potential 80% gain from current levels.
This scenario remains credible, supported by a recent MACD golden cross, with the MACD surpassing the signal line—a move that has preceded strong upward momentum.
The Relative Strength Index (RSI) is also favorable, trending upward toward a neutral 50 after breaching the oversold threshold in early March.
While these signals lean bullish, they remain weak. A pronounced upward move will likely require stronger buying pressure.
Catch This Newly Launched Token at a Potential Discount
As crypto gains prove far and few between with the altcoin market in decline, investors who back the wrong horse are missing out on those limited gains.
That’s where Meme Index (MEMEX) steps in, giving traders increased exposure to high-gaining opportunities.
As the world’s first decentralized meme coin index, the Meme Index offers a curated selection of meme coins, balancing high growth potential with effective risk management.
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After raising over $4.4 million in its initial presale phase, $MEMEX has moved to decentralized exchanges (DEXs).
But it’s not too late, this could be the final chance to snag tokens at a discount before it gets recognized by centralized exchanges.
You can keep up with Meme Index on X and Telegram, or purchase tokens through the Meme Index website.
The post What’s Fueling SHIB’s 5% Rally? Metrics Say This Is Just the Beginning appeared first on Cryptonews.
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