May is anticipated to be a momentous month for Shiba Inu, with historical data revealing an average profitability of 99%. However, it is important for investors to exercise caution as past performances should only be used as insights and not predictive indicators.
The current volatile market downturn of Shiba Inu (SHIB) presents a unique opportunity for accumulation, as an analyst predicts a significant bullish outlook based on historical data. Analytical platform CryptoRank has conducted a thorough analysis of the meme coin and suggests that May will see a substantial shift in its value, marked by high volatility and the potential for doubling.
May has historically been a period of significant market fluctuation for Shiba Inu, with an average profitability of 99%. Based on the current value of $0.00002348, Shiba Inu could potentially appreciate to around $0.000048. Interestingly, this prediction aligns with a recent observation by Rekt Capital, who noted that the meme coin has reached the same level it was at in early 2022. At that time, Shiba Inu was rejected from the same level it currently holds as support.
Looking at the chart above, it is clear that Shiba Inu reached the blue resistance level but was ultimately rejected. The asset also failed to breach the blue resistance line during its first attempt in late 2021. Interestingly, this rejection prompted Shiba Inu to retest the orange level as a new support before experiencing an upsurge. According to Rekt Capital, Shiba Inu is currently in the process of retesting the orange level once again.
Despite the confirmation of a bullish reversal, investors are advised to exercise caution as the broader indicator of median profitability suggests a more subdued outlook. Realistically, Shiba Inu has experienced both growth and decline in the three Mays of its history. In May 2021, the asset saw a staggering surge of 355.4%. However, the subsequent periods in 2022 and 2023 witnessed declines ranging from 15.4% to 42.1%. It is important to note that past performance provides insights but is not a predictive indicator of future movement.
In addition to the anticipated price surge, the Shibarium hard fork is scheduled for May 2. This upgrade will introduce new features to unlock the next-level capabilities of the network. According to a statement from the developers, this upgrade is not merely a technical shift but also aims to deliver new value and simplify engagement with Shibarium. The upgrade includes quicker block processing times, profitable transaction fees, and smoother transaction fee variations during periods of high traffic. These implementations will make the cost more predictable and fair and ensure that Shibarium becomes more robust and secure, providing users with the best tools available.
As of now, Shiba Inu has experienced a decrease of 6% in the last 24 hours, 13% in the last seven days, and 21% in the last 30 days.