The SHIB price is consolidating in a short-term trading range with a bearish tendency. The current price action is trading at a key support level, waiting for a new trend to emerge. Investors may benefit from a successful breakout.
On the daily chart, the SHIB price is still under pressure below the falling trend line that stretches from the $0.000035 highs. On April 12, the price attempted to challenge the bearish trend line at $0.000030 once more. The bulls, on the other hand, were unable to maintain their gains and retraced downward.
At $0.000025, the price is hovering near the crucial 50-day EMA (Exponential Moving Average). If the selling resumes, the moving average will be sliced and the price will retest the lows of April 12 at $0.000021.
Since March 30, the daily relative strength indicator (RSI) has shown a bearish divergence while the price has been making higher highs. The indicators are barely above the average line, indicating a possible downward trend.
Bullish factors for SHIB
Shiba Inu starts holder event
The SHIB’s 72-hour selling event has succeeded to keep the coin’s market excitement alive. While major coins have printed red indexes, the Shiba Inu token has risen by more than 8% in the last week.
The team announced the second stage of land acquisition as the first auction event concluded in the SHIB’s Metaverse.
The “Holder Event” is the term given to it. Plots of land that were not purchased during the initial event will be made available to LEASH or SHIBOSHI holders directly. This event, according to SHIB, will continue with set prices and will last seven days.
According to estimates, the highest price for a plot of land in the SHIB’s Diamond Teeth tier was roughly 6.5 Ethereum, or nearly $20,000, according to reports.
The plot bidding amount will stay the same as it was in the Holder Event. However, there is no set price for purchasing the land.
The Shiba Inu cryptocurrency is also being collected by Ethereum (ETH) whales. “BlueWhale0073,” an ETH whale, bought almost 237 billion Shib tokens for $5.7 million.
The currency has also been included to the list of top 10 coins purchased by the largest ETH wallets in the previous 24 hours as a result of the recent purchases. Shiba Inu coins are valued over $1.3 billion to the top Ethereum whales.
The burning process hasn’t slowed down, according to Shibburn. In just 24 transactions approximately 344 million Shiba Inu tokens have been sent to the dead wallet in the previous 24 hours.