Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Next Rally Starting?
The Shiba Inu price has remained basically flat over 24 hours, sticking to $0.00000969 on a day when the wider market has recovered by nearly 1%.
This price puts SHIB up by 2.5% in the past week, although the meme token remains down by 10% in the last 30 days and by 7% in a year.
These are disconcerting losses, especially when most major tokens have celebrated big gains in recent months and across 2023 as a whole.
However, with SHIB’s trading volume returning to $100 million, it could be on the brink of an overdue recovery.
SHIB’s indicators have been pretty weak over the past month or so, something which many could take as a sign that a corrective rally is now on the cards.
Its relative strength index (purple), for example, has spent a few days below 50, a sign of weakness, yet it’s beginning to rise towards 50.
This early climb could be a sign that SHIB is slowly regathering strength, although the coin’s 30-day average (yellow) remains decidedly flat.
While SHIB’s volume has indeed increased slightly, to $100 million, this is still pretty modest, with the meme token attracting $350 million in volume last week and nearly $900 million in mid-December.
And compared to the current volumes of an Ethereum (ETH) or Solana (SOL), it’s almost minuscule, given that these two coins are pulling in $15 billion and $1.8 billion, respectively, today.
Still, continues to hold its position as a top-20 cryptocurrency, and many would argue that its underperformance in 2023 sets it up for an above-average 2024.
It certainly continues to attract recurring interest from larger investors, with data revealing several big SHIB buys in the past month or so.
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