Shiba Inu Price Prediction as SHIB Hints at Potential Upward Explosion – Are Bulls Taking Over?
The price of Shiba Inu (SHIB) has dropped by 2% today, falling to $0.00000742 as the wider market slips by 1% in the past 24 hours.
Despite today’s loss, SHIB remains up by 7.5% in a week, helped along by growing expectations of Bitcoin ETF approvals, which this week have lifted the market as a whole.
Yet SHIB is up by only 2% in a month and is actually down by 8% since the beginning of the year, which has seen the meme token underperform despite positive news, including the launch of layer-two network Shibarium.
However, this underperformance arguably sets SHIB up nicely for a big bounce back in the coming weeks, with the meme coin potentially on course to have a strong end to the year.
Having spent the past few weeks and months being oversold, SHIB is now in a great position for a very strong rebound, as highlighted by its rally of the past couple of days.
Its relative strength index (purple) has risen from 40 a week ago to around 60 today, indicating steadily rising momentum that still has plenty of room to intensify further before the meme token becomes overbought.
Likewise, SHIB’s 30-day exponential moving average (yellow) has very recently stopped falling further below its 200-day average (blue), with the implication being that it may have just begun the long process of rising towards the longer term average.
This would signal sustained increases over the coming days, and while SHIB’s medium-term support level (green) has declined consistently since the middle of August, the meme coin may consolidate the gains of the past few days into a higher base level.
As such, now may be one of the best times in recent weeks to buy SHIB, in that the latter remains highly undervalued but is finally starting to regain some real
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