Shiv plummets 7.4% in a week, but market sentiment remains cautiously optimistic

The cryptocurrency market continues to reflect broader economic uncertainty as Shiba Inu (Shib) faces considerable downward pressure.

According to Coindesk Research’s Technical Analytics Data Model, the recent price action tests key support at $0.0000127 after experiencing a 7.4% decrease from the recent high, followed by a 7.4% decrease in Shib Test’s key support at $0.0000127.

Despite current volatility, on-chain data reveals increased institutional confidence in Shiv’s long-term outlook. In April 2025, 109 new billionaire wallets holding Shiv were added, bringing an address total of 860 with at least $1 million tokens. This accumulation occurred even when Shib’s 7% price profit in April was poorly performed compared to the Bitcoin surge against $95,000.

Market sentiment remains cautiously optimistic as Shiv’s future almost doubled in April, rising from under $97 million to $190 million. Meanwhile, the ongoing development of Shibarium, Shib’s Layer-2 blockchain, continues to improve transaction throughput and validator onboarding, which can provide basic support for future price actions.

Technical Analysis Highlights

• Price action reveals a series of highs and lows, with volume spikes that matched large selling, particularly during the May 3rd decline below $0.0000130.
• The main horizontal support zone formed about $0.0000127 and has been tested multiple times in the past 48 hours.
• The $0.0000129 level now represents immediate resistance, and Fibonacci’s retracement suggests potential stabilization at the current level before meaningful recovery occurs.
• In the final 100 minutes, Shiv showed significant volatility and recovery, initially taking part in a massive sale between 13:31-13:40, peaking at over 22 million units.
• This price found strong purchase interest in this support zone, causing a dramatically accelerated V-shaped recovery around 13:57-14:01.
• The latest price measures show a consolidation of volumes down to more than $0.00001276, suggesting short-term fatigue after recovery rally, but a higher low pattern after 14:40 indicates the possibility of continuing upward movement if support of $0.00001274 is retained.

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