- On Saturday, the Shiba Inu (SHIB) price faced a major correction after falling below 5%, falling to $0.000006088 USD with a market cap of around $3.6 billion.
- The rise in memecoin was halted after facing strong resistance at around $0.0000064 and a correction in Bitcoin (BTC).
- The memecoin is currently struggling to maintain its position above key resistance levels.
On April 18, Shiba Inu (SHIB) fell about 5% on the daily chart despite bullish momentum in the cryptocurrency market, sparking panic among memecoin investors.
At the time of writing this article, SHIB is trading at around $0.000006088 with a decline of 4.82% over the past 24 hours, dashing hope of a longer rally in the memecoin. The current market cap of memecoin is around $3.6 billion, with a daily trading volume of around $3.6 billion. $139.88 million, according to CoinMarketCap.
Shiba Inu declines again after hitting significant resistance at $0.0000064
On Friday, SHIB price managed to cross $0.0000063 after the Bitcoin (BTC) price surged. However, the cryptocurrency failed to sustain the rally despite bullish sentiment in the overall cryptocurrency market.
The overall cryptocurrency market maintains bullish sentiment despite isolated declines like the one seen in the Shiba Inu. This week saw a strong rise in Bitcoin Bitcoin jumped More than $77,000, sparking euphoria in the cryptocurrency community. This rise in BTC has brought its cumulative market cap to about $2.57 trillion. This rally in the largest cryptocurrency comes from steady institutional inflows through exchange-traded funds.
However, Bitcoin (BTC) also fell by about 1.37% on the daily chart on Saturday and is currently trading at around 1.37%. $76,181 with a cumulative market capitalization of $1.52 trillion.
Apart from this, major regulatory developments in the cryptocurrency sector have provided clarity to cryptocurrency innovations. These factors created a favorable environment where risk assets like meme currencies gained some interest even during minor corrections.
According to the current price chart, the Shiba Inu is following a symmetrical triangle pattern on the 30-minute chart. This pattern shows that memecoin may see a breakout once the price rises above the major boundary.
This pattern on the price chart shows that memecoin has been trading in a narrow range between $0.0000056 and $0.0000063 for several weeks now. This consolidation pattern shows limited directional momentum in price in the near term. However, it may witness a breakout if the price rises above the resistance level.
According to popular indicators, memecoin is currently in a neutral state. The Relative Strength Index is at around 36, which indicates that it is at a level Neutral to slightly downtrend. This means that the token is trading above the oversold zone.
Meanwhile, most daily moving averages give sell signals as the price trades below longer-term averages such as the 100-day and 200-day trend lines.
On-chain data provides additional context in Shiba Inu price. Recent data shows that about 82.5 billion Shiba Inu tokens left trading platforms within a single 24-hour period. This shows whale accumulation and reduces spot selling pressure on the order books. Before that, exchange outflows skyrocketed after volumes reached 321 billion in minted tokens.
Moving forward, the Shibarium Layer 2 network is preparing for a major upgrade in 2026 focusing on full symmetric encryption. This will enable confidentiality smart contracts and improve privacy for users. This update also targets faster and cheaper transactions to make the network more attractive to developers and applications.
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