Shiba Inu Price Prediction as SHIB Could Skyrocket to $0.00003000 – Will History Repeat Itself with an 822% October Surge?
The price of Shiba Inu (SHIB) has inched upwards by 0.5% in the past 24 hours, reaching $0.00000692 as the wider cryptocurrency market dips very slightly across the same period.
SHIB is now down by 5% in a week and by 6% in the last 30 days, with the meme token also having lost 14.5% of its value since the beginning of the year, in contrast to many other major coins (e.g. BTC, ETH, XRP, SOL).
However, October has historically been a very good month for SHIB, with the coin's surge of 822% in October 2021 showing just what it can potentially do towards the end of each calendar year.
So if SHIB comes anywhere near replicating its performance from two years ago, it could end up entering November at a much higher level than it currently has now.
SHIB's indicators continue to suggest that the meme token remains very oversold, and that it has been since the middle of August.
In particular, the chart below shows that SHIB's relative strength index (purple) has languished below 50 for nearly two months, with this indicator actually being below 40 for much of this time.
Such low levels signal heavy selling pressure, yet they also signal the possibility of a recovery rally, which becomes likelier with every passing week that SHIB's RSI struggles to clear 50 or 40.
Likewise, the altcoin's 30-day moving average (yellow) has remained below its 200-day average (blue) since May, providing another very big sign that SHIB really should rebound soon.
However, it's possible that the token hasn't quite bottomed out yet, seeing as how its support level (green) has been declining for more than a few weeks now.
This decline indicates that few buyers are interested enough in SHIB to buy it when it falls to new lows, although SHIB supporters could argue
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