Shiba Inu (SHIB) Records a 6.9% Gain on its 24-Hour Price Chart
Shiba Inu (SHIB) records a 6.9% gain on its 24-hour price chart to trade at $0.00001287. However, the overall market sentiment shows bearish signs with its daily trading volume declining by 10% while $179 million changes hands at press time.
Market Analysis
Analyzing the current market trend, analyst SHIB KNIGHT highlighted that SHIB could stage a bullish reversal, however, the degree of growth would largely depend on the influence of Ethereum. Justifying his thesis, the analyst pointed out that SHIB was one of the first coins to decline by a significant margin when ETH fell by 45% in the first quarter of 2025 (Q1 2025). For the second quarter of the year (Q2 2025), analysts have observed that ETH could record positive growth as previous periods saw average returns of 60%.
What Else Could Fuel SHIB’s Price Growth
Apart from the direct impact of the ETH price, the much anticipated Petra Upgrade is also expected to have an indirect impact on the price of SHIB. As discussed earlier, this upgrade has been scheduled for April 30 and could be a bullish catalyst for ETH. Meanwhile, SHIB has been tipped to “ride on the shoulders of hypes surrounding internal development and milestones” to reach a new level. One of them is the report that Shibarium has surpassed the one billion mark in terms of transaction volume. According to experts, this underscores its growing adoption and community engagement.
Earlier, Shiba Inu marketing lead Lucie disclosed that Shibarium is seeking to expand its metaverse. However, no deadline was given for this development. As detailed in our last news piece, Lucie also believes that SHIB is an ETF-worthy asset with a decentralized nature and strong market presence. The SHIB Exchange Traded Fund (ETF) applications are expected to receive approval this year as the current leadership of the US Securities and Exchange Commission (SEC) shows strong interest in creating a favorable environment for the industry to thrive.
Shiba Inu (SHIB) Price Analysis
Analysts have observed the formation of a bullish double-bottom pattern on its seven-day price chart. However, it would first have to hold above a crucial support level at $0.0000107. A validation of this setup would bring the price against the $0.000032 resistance level. If it ends up breaking this barrier, SHIB would have to breach its next crucial resistance level at $0.0000458.
Also, key market indicators, including ADX, show that the current downtrend is fading. The CMF has shifted back to the zero line, indicating a slight surge in buying activities.
Source: TradingView
Meanwhile, analysts at Changelly have highlighted that SHIB’s growth to the top would be steady. As featured in our recent coverage, they believe that the asset would record around a 117% surge to finish the year at $0.0000280.