Shiba Inu Price Prediction as SHIB Bounces 4% From Recent Bottom – Is The Sell-Off Over?

cryptonews.com:

The price of Shiba Inu (SHIB) has risen by 1.5% in the past 24 hours, with the meme token's jump to $0.00000712 marking a 4% increase from its seven-day low.

SHIB is now up by 2.5% in the past week, although the altcoin remains down by 4.5% in a month and by 12% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP, SOL).

Yet its bounce today raises the hope that the worst of its 2023 is now over, and that buyers are ready to take advantage of its highly discounted price.

SHIB has been weak and oversold for several months now, which should mean that it has to make a recovery soon enough.

Indeed, its indicators seem to signal that such a recovery may have just begun, with SHIB's relative strength index (purple) rising sharply in the past few days, from nearly 30 last week to nearly 50 today.

This indicates a jump in buying momentum, and while SHIB's 30-day exponential moving average (yellow) hasn't begun rising yet, it looks as though its descent below the coin's 200-day average (blue) has ceased, and that it's now ready to begin rising again as the meme token rallies.

Perhaps the most bullish sign for SHIB at the moment is provided by its support level (green), which has climbed strongly since the end of last week.

This would imply that more traders are buying into the coin at a lower price, pushing up its base and preparing the token for incoming gains.

It's not clear whether whales have resumed accumulating the token again, yet a big transfer of over $32 million in SHIB today (from an unknown wallet to an unknown wallet) may suggest that its market could start heating up again soon.

With other meme tokens, it would be hard to argue that there's any fundamental reason why a rebound or