The Shiba Inu price has risen by 2% in the past 24 hours, moving to $0.00000864 on a day when the cryptocurrency market as a whole makes a similar gain.
SHIB is now down by 2% in the past week, yet recent market gains have helped the meme token hold onto a 5% increase in a fortnight and a 23% rise in the last 30 days.
Yet with SHIB up by only 6.5% since the beginning of the year, it has plenty of making up to for lost gains, meaning that it could outperform the market during the next bull rally.
The market may have had an uneven few days, yet SHIB’s indicators look as though they’re pointing to an incoming rallies.
This is particularly the case with its 30-day average (yellow), which has just climbed over the 200-day average (blue) and formed a ‘golden cross.’
Such crosses can indicate an impending breakout, although the picture is confused slightly by SHIB’s RSI (purple).
This latter indicator is sticking just below 60 and doesn’t appear to be rising right now, implying that the meme token doesn’t currently have enough momentum or buying pressure to mount a really big rally.
It’s also interesting that the coin’s 24-hour trading volume has risen slightly to $100 million today.
This is not actually that much compared to bigger tokens, yet the relatively low depth potentially means that a big buy order from a whale could push the Shiba Inu price much higher.
It’s certainly overdue a big push, given that 2023 has been a more or less disappointing year for the token.
Yet this is despite Shiba Inu having increasingly laudable fundamentals, with the meme token witnessing several updates this year that provide it with real utility.
The first was the launch of the layer-two Shibarium network in August, which provides the formerlyRead more on cryptonews.com