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Why Shiba Inu (SHIB) Price May Drop This Weekend

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Shiba Inu (SHIB) is threatened to note a decline due to the lack of recovery observed in the broader market cues.

SHIB investors are not keenly bullish either, which could translate into losses for the meme coin.

Shiba Inu Whales Are a Problem

Shiba Inu’s price could experience a price correction due to the waning support from SHIB holders. These meme coin enthusiasts have been losing optimism toward a rally, which is visible in their increasing selling pressure.

In the last two months, the addresses holding more than $1 million and $10 million worth of SHIB have sold off a huge chunk of their supply. Nearly $10 billion worth of SHIB has left their wallets, creating a bearish impact on the meme coin.

Such major selling tends to counter any potential an asset has at rallying, which could be the case with Shiba Inu.

Shiba Inu Whale Holdings.
Shiba Inu Whale Holdings. Source: IntoTheBlock

Furthermore, the correlation this meme coin shares with Bitcoin also threatens its gains. SHIB shares a high correlation of 0.81 with BTC. A high correlation indicates a strong statistical relationship between the two assets. This implies that changes in one of them are closely associated with changes in the other.

Given Bitcoin is the bigger asset and is also noting bearish cues, it is difficult to predict a bullish outcome for Shiba Inu. Thus, there is a good chance that the meme coin could have a bearish weekend.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu Correlation with Bitcoin.
Shiba Inu Correlation with Bitcoin. Source: IntoTheBlock

SHIB Price Prediction: Support Could Fail

Shiba Inu’s price has been trading under a downward trendline for the most part since the beginning of March. Even though the meme coin attempted breakouts in the past, it failed to retain the rally.

Consequently, SHIB is now threatened to fail the breach of the downtrend line and fall back to $0.00002093. Losing this support would result in a significant correction to $0.00001491.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

Shina Inu must print a daily candlestick close above $0.00002584 to invalidate the bearish thesis. Such upward movement could break the descending trendline SHIB has maintained since March and push prices toward $0.00002835 or higher.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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South Carolina Could Spend 10% of Funds on Bitcoin Reserve

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Representative Jordan Pace introduced legislation to create a Bitcoin Reserve for South Carolina, joining a nationwide effort. Currently, nearly half of all US states have an active bill to create a similar Reserve.

However, the talking point that this bill “allows 10% of state funds” in Bitcoin investments is taking off like wildfire. It may scare off fiscal conservatives, which contributed to recent failures.

South Carolina Joins the Bitcoin Reserve Race

Since President Trump announced his intention to create a US Bitcoin Reserve, many state governments have attempted to create smaller models.

In the last month, these efforts have been intensifying, with more and more states joining the effort. Today, South Carolina filed its own Bitcoin Reserve bill, allowing the state to make substantial purchases:

“The State Treasurer may invest in digital assets including, but not limited to, Bitcoin with money that is unexpended, unencumbered, or uncommitted. The amount of money that the State Treasurer may invest in digital assets from a fund specified in this section may not exceed ten precent of the total funds under management,” it reads.

State Representative Jordan Pace proposed South Carolina’s Bitcoin Reserve legislation. He claimed that this bill “gives the Treasurer new tools to protect taxpayer dollars from inflation,” one of crypto’s most well-known use cases. Pace is currently the bill’s only sponsor, and it’s unclear what chances it has of passing.

Still, there may be challenges ahead. Similar proposals in other Republican-led states—like Montana and Wyoming—have already failed. This was largely due to concerns over using public funds to buy cryptocurrency.

Even though Trump backs the idea on a national level, not all GOP lawmakers are convinced at the state level.

That said, there are some signs of progress elsewhere. For example, Texas has advanced its Bitcoin Reserve bill, achieving bipartisan support. A key reason for its success is that the bill doesn’t require the state to make crypto purchases; it simply allows them at the Treasurer’s discretion.

Likewise, South Carolina’s bill wouldn’t force the state to invest 10% of its funds into Bitcoin. It just opens the door for that possibility, giving the state financial flexibility rather than a mandate.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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FDIC and CFTC Rescind Old Crypto Guidelines

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The FDIC and CFTC have both been working to change previous crypto guidelines. As federal regulators reconcile with the industry, they are removing old rules that specifically target crypto.

The former institution is removing the requirement that banks report crypto business, while the latter holds crypto to the same standards as other industries.

FDIC and CFTC Change Crypto Policies

The FDIC is one of the top financial regulators in the US, and it’s turning over a new leaf. After being one of the principal architects of Operation Choke Point 2.0, it recently began declassifying documents and changing rules that allowed crypto debanking.

Today, the agency is revoking a 2022 directive that impacted banks’ interactions with crypto:

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years. I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards,” said FDIC Acting Chairman Travis Hill.

Specifically, it rescinded a rule that mandated that all banks and institutions under its supervision notify the FDIC of any crypto involvement. The new guideline claims that banks “may engage in permissible crypto-related activities without receiving prior FDIC approval” without enacting any other policies.

Since Gary Gensler left the SEC, all the top US financial regulators have been trying to rework their relationship with crypto. In an apparent coincidence, the CFTC made a very similar move to the FDIC by rescinding two crypto guidelines.

Both of these actions did not establish a new policy; they merely removed the old ones.

Essentially, both of the CFTC’s rule changes are set to ensure that crypto-related derivatives are subject to the same requirements as non-crypto ones. This is somewhat surprising, considering that the industry has typically tried to insist that it necessitates specific regulations.

However, this is largely beside the point. The FDIC and CFTC are both working to remove previous guidelines that opposed the crypto industry.

These institutions will undoubtedly be amenable to creating new ones in the spirit of cooperation. In the meantime, this olive branch can help build a lot of goodwill.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Pi Network (PI) Drops Further Despite Telegram Wallet Deal

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Pi Network (PI) has been under heavy selling pressure, with its price down more than 61% over the last 30 days. Despite a recent partnership with the Telegram Crypto Wallet, PI has struggled to regain momentum, as technical indicators remain mostly bearish.

Its BBTrend has been negative for 12 consecutive days, and although the RSI has recovered slightly from oversold levels, it still sits below the neutral 50 mark. With the downtrend firmly intact and critical support levels approaching, PI’s next move will likely depend on whether buyers can step in and reverse the current trajectory.

PI BBTrend Has Been Negative For 12 Days

Pi Network (PI) continues to face bearish pressure, as reflected in its BBTrend indicator, which remains deep in negative territory at -22.34.

This is despite recent headlines about the Telegram Crypto Wallet integrating Pi Network, news that has yet to translate into sustained upward momentum.

The BBTrend hit a recent low of -41 on March 21 and has stayed negative since March 16, marking twelve consecutive days of bearish trend signals. This prolonged weakness highlights the ongoing struggle for buyers to regain control of the market.

PI BBTrend.
PI BBTrend. Source: TradingView.

BBTrend, or Bollinger Band Trend, is a momentum-based indicator that helps gauge the strength and direction of a trend. Positive BBTrend values indicate bullish momentum, while negative values point to bearish sentiment—the further from zero, the stronger the trend.

With PI’s BBTrend sitting at -22.34, the market remains firmly under bearish influence, even if the worst of the recent downtrend may be easing slightly from its extreme lows.

Unless this trend flips back into positive territory soon, PI’s price could remain under pressure, with buyers staying cautious despite the recent integration news.

Pi Network RSI Has Recovered From Oversold But Still Lacks Bullish Momentum

Pi Network is showing early signs of recovery in momentum, with its Relative Strength Index (RSI) rising to 40.45 after hitting 23.8 just two days ago.

While this rebound suggests a reduction in overselling pressure, PI’s RSI hasn’t crossed above the neutral 50 mark in the past two weeks—highlighting ongoing weakness in bullish conviction.

Despite the slight uptick, the market has yet to see enough strength to shift sentiment meaningfully in favor of buyers. This cautious climb could either lead to a breakout or stall into continued consolidation.

PI RSI.
PI RSI. Source: TradingView.

The RSI, or Relative Strength Index, is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and those below 30 suggesting the asset is oversold.

With PI’s RSI currently at 40.45, it’s in a neutral-to-bearish zone—no longer extremely oversold but still lacking strong buying pressure.

For a clearer trend reversal, the RSI would likely need to break above 50, which hasn’t happened in two weeks. Thus, the current move is more of a potential bottoming attempt rather than a confirmed shift.

Will PI Continue Its Correction?

PI price is currently trading within a well-established downtrend, as indicated by the alignment of its EMA (Exponential Moving Average) lines—where shorter-term EMAs remain firmly below longer-term ones.

This setup reflects persistent selling pressure, and if the correction continues, PI could revisit key support levels at $0.718, with a potential drop to $0.62 if that floor fails to hold.

PI Price Analysis.
PI Price Analysis. Source: TradingView.

However, recent signs of life in the RSI hint that a short-term rebound might be brewing, offering some hope for a recovery.

If bullish momentum builds, PI could challenge resistance at $1.05 in the near term. A breakout above that level would shift sentiment and open the door for further gains, with $1.23 and even $1.79 as potential targets if the uptrend strengthens.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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