Global Economic Tensions Impact SHIB The cryptocurrency market experienced significant turbulence as escalating trade tensions between the United States and China sent shockwaves through global financial markets. Shiba Inu (SHIB) was not spared from the selloff, plummeting to $0.00001038 - its lowest level since February 2023 - as investors fled risk assets following President Trump's announcement of new tariff policies. The meme coin's dramatic decline came despite positive developments within its ecosystem, including Shibarium's achievement of processing over 1 billion transactions. The layer-2 scaling solution has now processed more than 10.3 million blocks since its launch, averaging approximately 4.4 million daily transactions, making it one of the fastest-growing networks on Ethereum. Some technical analysts note that SHIB has formed a potential double-bottom pattern around the $0.00001050 support level. Recent price action shows signs of recovery as the asset reclaims the $0.00001097 level with increasing volume. However, with SHIB's open interest declining by $454 million since January and funding rates turning negative, short-term bearish sentiment remains strong despite the potential for continuation toward the $0.00001150 resistance zone if current support holds, according to CoinDesk Research technical analysis model. Technical Analysis Highlights SHIB experienced a 16.2% decline from $0.00001239 to $0.00001038 on April 7th. During the sell-off, unusually high trading volumes exceeded 3.6 billion. A clear double bottom pattern formed around the $0.00001050 support level, followed by the establishment of an uptrend channel with resistance at $0.00001108. Recent price action shows bullish momentum with increasing volume as SHIB reclaimed the $0.00001097 level with consecutive higher lows. After reaching a low of $0.000010939, the asset established a higher low at $0.000010949, followed by a significant upward movement to $0.000010985, representing a 4.2% gain from the session low. An ascending channel formed with support at $0.000010965, while increased trading volume during upward movements (particularly the 29.8M volume spike at 09:08) confirms strengthening bullish momentum. Recent consolidation between $0.000010970 and $0.000010973 suggests accumulation before potential continuation toward the $0.000010990 resistance level. Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk’s full AI Policy . This article may include information from external sources, which are listed below when applicable. External References: Times Tabloid, " Shiba Inu (SHIB) Coils for a Massive Move: Key Levels to Watch ," published April 5, 2025. Times Tabloid, " ChatGPT Predicts Shiba Inu (SHIB) Price for April 30, 2025 ," published April 6, 2025. CoinGape, " Shiba Inu Price Faces 50% Crash as Bearish Breakout Looms ," published April 7, 2025. CryptoPotato, " Shibarium's Latest Milestone Fails to Stop SHIB's Nosedive: Details ," published April 7, 2025. TheCoinrise, " SUI & SHIB Struggle for Momentum While BlockDAG Mobile Mining Sees Surge to 1.2M Users After Keynote 3 ," published April 7, 2025.
