- SHIB experiences a significant price surge in 2024, rising 2.5 times in the first quarter.
- Despite the surge, SHIB faces historical downward pressure in April, with April 2024 registering an 11.16% decrease.
- SHIB investors remain cautiously optimistic, focusing on defending gains and anticipating potential market rallies.
Shiba Inu (SHIB) experiences a significant price surge in 2024 amidst a broader uptrend in meme coins, yet faces historical downward pressure in April, prompting speculation about its ability to break free from this pattern.
According to insights provided by IntoTheBlock, SHIB’s price has soared by 2.5 times during the first quarter of the year. This surge in value comes amidst a broader resurgence of meme coins, with demand reaching levels not seen since 2021, propelling the collective value of meme coins to nearly triple in 2024.
Despite the enthusiastic support from its vibrant community and ongoing developments, SHIB faces a recurring challenge in April. Historical data reveals a consistent downward trend for SHIB’s price during this month. Previous Aprils have seen declines of 21.90% in 2022 and 6.83% in 2023, with April 2024 currently registering an 11.16% decrease.
The current scenario underscores the cautious optimism among bullish investors. The focus is on defending gains and anticipating a potential market rally that could propel SHIB’s price to new heights. Below the range of $0.000025 and $0.000029, SHIB’s support appears relatively limited, suggesting potential further downward movement if current levels are breached.
Conversely, sustaining its upward momentum would bring SHIB against resistance at $0.000029 and $0.00003. As of the time of writing, SHIB has experienced a modest increase of 2.91% in the past 24 hours, trading at $0.000027.
