Shiba Inu (SHIB) recently saw a dip of over 10% according to its 7-day chart, but there are signs of a potential recovery emerging today.
Throughout most of the past week, the price of Shiba Inu remained stable, with a noticeable drop occurring in the early hours of Monday, April 1. During this time, the second-largest meme coin by market cap fell from approximately $0.000030 to find support at $0.000026.
Interestingly, while this dip coincides with a broader correction in the crypto market and Bitcoin’s retracement, there may be a distinct reason behind Shiba Inu’s correction. Reports on March 31 indicated that a whale sold over 533 billion SHIB coins for 15.99 million DAI at roughly $0.00003. This move, executed from 11 different wallets, resulted in a profit of $8.24 million in less than a month for the unidentified whale.
Shortly after this transaction came to light, the SHIB price began a sharp correction, dropping by 10%. However, signs are pointing towards a potential rebound, with the price rising from $0.0000256 to $0.0000275 earlier today, suggesting a possible continuation of the price increase.
Shiba Inu Price Forecast Although SHIB still has ground to cover to regain its losses from earlier in the week, traders are noting technical indicators indicating that its recovery may be underway.
Technical indicators like Bollinger Bands support this notion, as Shiba Inu’s bands have started to widen sharply after remaining tight since the beginning of the week. This steady widening of the bands is a positive sign for the future of SHIB’s price.
Additionally, Shiba Inu’s Relative Strength Index (RSI) value has been in the oversold or neutral zone since the weekend but is now showing signs of climbing higher for the first time this week, indicating increased SHIB-related activities among traders.
When combined with previous observations of SHIB’s price behavior, this suggests the possibility of a significant recovery.
As mentioned, SHIB still has a journey ahead to recover its losses, with the first obstacle being the resistance at $0.000028. While this level briefly acted as strong support during Monday’s price drop, it may now serve as a barrier preventing further upward movement. However, if this resistance is breached, SHIB could establish a new foothold above it, potentially propelling it back to previous highs.
Solana’s Newest Meme Coin Presale
Solana’s Latest Meme Coin Presale While Shiba Inu strives for recovery, a new meme coin has emerged on the Solana network. Known as Slothana (SLOTH), this project saw rapid and substantial growth after its launch last week.
Raising approximately $7 million in under a week, Slothana offered 10,000 SLOTH tokens per 1 SOL, resulting in a price of $0.019 based on SOL’s current value. Despite offering limited details about its plans and goals, Slothana has garnered significant community interest, accumulating over 9.5k followers in just a week after being featured on CryptoSlate.
With Slothana’s entry into the market, Solana gains yet another robust meme coin, further solidifying this sector of the crypto industry. Moreover, Slothana distinguishes itself by moving away from dog-based meme coins, a factor contributing to its notable presence in the market.
