Shiba Inu (SHIB) has been on a rollercoaster ride lately, surging in early March before gradually dropping in value over the past few weeks.
As such, the question on everyone’s lips is: can SHIB shake off its recent struggles and climb back to previous highs before the end of April?
Shiba Inu Struggles to Break Key Resistance as 20-Day EMA Turns Bearish
It’s been a bumpy ride for Shiba Inu lately.
Currently trading at around $0.000026, SHIB has seen a drop of 20% since last Thursday’s high.
This sharp decline has effectively wiped out almost all the gains SHIB had accumulated over the past two weeks.
Shiba Inu’s struggle to break through a key resistance level at $0.000035 is one of the main factors contributing to this downturn.
Whenever SHIB approaches this level, sellers emerge in force, pushing the token back down.
To make matters worse, SHIB has now slipped below its 20-day exponential moving average (EMA) on the daily chart – which often signifies impending bearish momentum.
However, all hope is not lost for SHIB holders.
The next key support level for Shiba Inu is located around $0.000025, which could provide a foundation for a bounceback.
Moreover, given Shiba Inu’s history of volatility, many believe this setback may only be temporary.
Massive Token Burns & Whale Accumulation Spark Revival Hopes for SHIB
Despite the recent dip, most Shiba Inu investors remain optimistic about the token’s prospects for April.
Several catalysts are leading to these elevated optimism levels.
Firstly, one of the most promising signs for Shiba Inu is the massive increase in token burns.
In March alone, a staggering 15.6 billion SHIB tokens were burned, representing a 2,330% increase from February.
This reduction in circulating supply could create a scarcity effect, driving up the value of the remaining tokens.
Secondly, on March 27, a whopping 2 trillion SHIB tokens worth $62 million were transferred off the KuCoin exchange to a private wallet.
Investors have viewed this transfer as a bullish sign, believing that large investors are accumulating SHIB and holding for the long term.
If these trends continue, and the overall meme coin space can shake off the bearishness, there’s a real possibility that SHIB could break through the $0.000035 barrier in April.
Should that occur, SHIB will have a clear path back to its two-year high of $0.000045 – representing a 73% pump from today’s price.
Which Other Meme Coins Could Rise in April?
While Shiba Inu is one of the most talked-about meme coins, it’s not the only one that could see significant gains this month.
One under-the-radar project that’s been generating a lot of buzz lately is Dogecoin20 (DOGE20), which aims to build on the success of the original Dogecoin.
Nex-Gen Meme Coin Dogecoin20 Features Deflationary Twist & Staking Rewards
As its name suggests, Dogecoin20 pays homage to DOGE, the meme coin that started it all.
But DOGE20 isn’t just mimicking its predecessor – it’s a whole new project with a few key innovations that help it stand out.
One of Dogecoin20’s most exciting features is its tokenomics.
Unlike Dogecoin, which has an inflationary supply, DOGE20 has a fixed supply of 140 billion tokens.
This scarcity factor could potentially drive up the token’s value over time, especially as demand grows.
And judging by the presale mania, demand for Dogecoin20 is already skyrocketing.
Dogecoin20’s presale has been a huge success, with the project reaching its $10 million goal well ahead of schedule.
Not only that, but Dogecoin20’s official Telegram channel has grown to over 7,600 members in just a few weeks.
The token is set to make its exchange debut on April 20, also known as “Doge Day” in the crypto community.
DOGE20 will be listed on the Uniswap DEX, with 14 billion tokens set aside to provide liquidity.
Once DOGE20 hits the open market, anything could happen.
But with solid fundamentals, strong community support, and staking rewards of 65% per year on offer, many early backers believe the token could be poised for a spectacular launch.
