Shiba Inu Price Prediction as SHIB Bounces 6% From Recent Bottom – Bigger Drop Coming?
SHIB has posted a 1.5% gain in the past 24 hours, with the Shiba Inu price’s jump to $0.00002531 also marking a 6% bounce from the seven-day bottom it hit earlier this morning.
Despite this bounce, SHIB remains down by 22% in the past week and by 30% in a fortnight, although these losses haven’t done enough to erase the 158% gain it has made in the last 30 days.
Given the market’s recent corrections, it is possible that SHIB could witness further losses in the next few days, yet its longer-term picture remains positive.
Indeed, the market is likely to return to bullish growth in the coming weeks, while Shiba Inu continues to be one of the strongest meme tokens in the ecosystem in terms of fundamentals.
SHIB’s chart makes it seem as though the popular meme coin is in line for a rebound soon, yet its past history would also suggest that one or two more dips are possible before we see a return.
On the one hand, its relative strength index (purple) has risen to 50 in the past few days, suggesting that the coin may continue to recover.
However, the RSI’s behavior over the past few weeks has seen it seesaw several times below 50 before making a significant comeback.
This is happening in the context of a 30-day moving average (yellow) that has also been declining steadily this week, having fallen below the 200-day (blue) at the end of last week.
In other words, SHIB – like the wider market – remains in the middle of a corrective phase, one which may continue for at least several more days, if not longer.
The coin may fall again in the very near future, yet its support level (green) – which has flattened out recently – would suggest that it won’t fall much further below its current price.
It’s also encouraging that its trading volume
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