As April is about to end positively, the cryptocurrency market has experienced a correction of around 1% on the last day. With this, top tokens like Bitcoin, Ethereum XRP, and Dogecoin have returned to their important support levels.
On the other hand, the price of Shiba Inu has recorded a significant correction today, losing more than 4% of its valuation. Subsequently, the monthly profit of SHIB memecoin has been cut down to 5.84%, leading to a minor panic in the cryptocurrency community.
Are you one of the many SHIB memecoin investors or planning to expand your portfolio by adding this coin to your wallet? In this article, we will provide you with technical aspects and potential monthly price predictions for SHIB. So, fasten your seatbelts and scroll to the end to find out, what will happen next with Shiba Inu!
Factors Affecting the Price of SHIB Memecoin
Although it is the second largest memecoin in the cryptocurrency world, the price of the SHIB token is greatly influenced by many direct and indirect factors. Some of these are listed below.
Dogecoin ($DOGE) Price Action: The price of Shiba Inu is heavily influenced by the price action of Dogecoin, the leading coin in the memecoin segment. Regardless of whether it is a dump or a pump, SHIB crypto always follows in the footsteps of DOGE memecoin.
New Competition: With more new meme coins entering the market daily with unique technology and applications, Shiba Inu is facing a high risk of losing value and position in the long-term forecast.
Bitcoin: Not only the SHIB token, but the entire cryptocurrency community is worried when it comes to the price of Bitcoin. With a dominance of 63.79%, the BTC token serves as the backbone of the cryptocurrency industry.
Cross-Border Market: Uncertain market conditions can impact the market on a large scale. Moreover, such situations often harm the memecoin market. Unfavorable political reforms such as Trump's trade wars or disputes between two countries can become negative for the cryptocurrency community.
After considering the internal and external factors of the global cryptocurrency market, let's look at the price prediction for Shiba Inu for next month, namely May 2025!
Shiba Inu Memecoin Will Break Important Resistance Level of $0.000015
In the context of increasing uncertainty in the cryptocurrency market, the price of SHIB has experienced a correction of over 4% in 24 hours with a trading volume of $179.48 million. Furthermore, with a market cap of $7.68 billion and a listed price of $0.00001296, the second-largest memecoin has successfully maintained its 17th position in the cryptocurrency market.
The Simple Moving Average (SMA) has shown bullish convergence in the daily timeframe, indicating increased buying-selling pressure. However, the price has recorded a downward trend, highlighting mixed sentiment in the market.
On the other hand, the Relative Strength Index (RSI) has failed to break through the overbought range on the SHIB price chart. This has caused it to experience a sharp drop to neutral. Furthermore, the average trend line is experiencing negative convergence, implying increased volatility for memecoins in the market.
Will SHIB Stock Price Rise Again?
Assuming the bulls reclaim the $0.00001335 mark, this could cause the price of the SHIB meme coin to test the previous high of $0.0000160. Maintaining upward price action could lead it towards the target of $0.0000190 in the near future.
Conversely, if the bears gain the upper hand over the bulls, the price of Shiba Inu could retest the immediate support level of $0.00001250. Moreover, if bearish sentiment strengthens, the price of the second-largest memecoin could drop to the critical low of $0.00001050.
