SHIB Price Declines 7.4% as Market Sentiment Remains Optimistic
The cryptocurrency market is influenced by economic uncertainties, impacting Shiba Inu (SHIB), which is currently under downward pressure.
Key facts include:
- SHIB is testing critical support at $0.0000127 after a 7.4% decline from recent highs.
- Volume spikes aligned with major selloffs, particularly noted in early May.
- In April 2025, 109 new millionaire wallets holding SHIB were added, totaling 860 wallets with at least $1 million.
- Despite a 7% price gain in April, SHIB underperformed compared to Bitcoin's rise toward $95,000.
- Futures open interest for SHIB nearly doubled in April, from under $97 million to almost $190 million.
- Development of Shibarium continues, focusing on enhancing transaction throughput and validator onboarding.
Technical Analysis Highlights
- A series of lower highs and lower lows noted, with significant selloff volume during the May 3rd decline below $0.0000130.
- Key horizontal support around $0.0000127 has been tested multiple times recently.
- The immediate resistance level is now at $0.0000129; Fibonacci retracement indicates potential stabilization before recovery.
- SHIB experienced notable volatility, hitting $0.0000126 during a high-volume selloff, followed by strong buying interest leading to a near 10% recovery.
- Current price action shows consolidation above $0.00001276 with decreasing volume, indicating short-term exhaustion but higher lows suggest potential upward movement if support at $0.00001274 holds.