Shiba Inu Price Prediction as SHIB Rockets Up 22% in One Week – Can it 10x in 2022?
Shiba Inu price has seen a huge rally in the past week off the back of memecoin-related hype. The SHIB coin has increased by 5.74% in 24 hours and is up more than 30% in the past week.
The recent rally in meme coins is likely due to the recent takeover of Twitter by Elon Musk, with speculation about a potential integration with Dogecoin. With the SHIB army confidently behind the project and showing support in the social media space, the popularity of the token has soared.
With a 30% gain in the space of a week, many are wondering how far this uptrend can go. Even though it’s difficult to predict the future, a careful market analysis can help traders make more informed trading decisions.
SHIB's price started its bullish move above the $0.00000946 mark and is now trading at 0.0001287. More than $1 billion in daily trading volume has buoyed its rise over the past few days.
SHIB is now facing resistance at the $0.00001500 level, which has previously served as solid resistance on several occasions.
The RSI indicator on SHIB charts is currently at 66.48, which is approaching overbought territory. As such, traders need to be cautious about a potential pullback back down to support at $0.0000100. Here, the bulls can consider buying up again in anticipation of the next leg up.
With the MACD showing strong green bars, there is potential for this trend to continue in the coming weeks and months, albeit with some short-term profit taking.Given SHIB’s huge circulating supply and large market cap, it will take a long time for it to 10x from current prices. That’s why many traders have begun looking at alternatives.
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