Shiba Inu Price Prediction as SHIB Falls 2% in 24 Hours – Time to Buy the Dip?
The Shiba Inu price has slipped by 1% today, falling to $0.00000892 as the cryptocurrency market as a whole has a very quiet 24 hours.
SHIB is now up by 9% in the past week and by 28% in the last 30 days, with such momentum likely to carry the meme token into further gains in the coming days and weeks.
And with the Shiba Inu ecosystem introducing a number of significant upgrades in the past few months, organic growth in adoption could enable SHIB to have a very good 2024.
What’s promising about SHIB’s chart is that its indicators suggest it hasn’t reached full breakout mode just yet.
In other words, SHIB has more and bigger gains in store, with its 30-day average (yellow) getting closer to climbing over its 200-day average (blue).
It’s also notable that SHIB’s relative strength index (purple) has remained at or just under 70 over the past few weeks, meaning that it has not really entered overbought territory.
As such, there’s still plenty of room for the Shiba Inu price to rise further before things overheat, with the coin’s 24-hour trading volume continuing to rise over the past few days.
Such a rise would suggest that demand is only just beginning to rise for SHIB, which like many other alts has benefitted from the recent market-wide rallying.
One thing that could weigh in SHIB’s favor is that traders had heavily oversold it in recent months, with the meme token still 89% down from its all-time high of $0.00008616, set back in October 2021.
This means that SHIB could recover much of this lost value during the next bull market, which may have just begun in the past couple of weeks.
More fundamentally, Shiba Inu has an increasing number of things running in its favor, with the platform launching the Shibarium layer-two network in
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