Shiba Inu Price Prediction as SHIB Sees $1.7 Billion Trading Volume in 24 Hours – Are Bears Buying?

cryptonews.com:

SHIB has gained by 5% in the 24 hours, with the Shiba Inu price moving to $0.00002694 in reaction to the Federal Reserve’s decision yesterday to keep rates unchanged.

The meme token remains down by 19% in a week, although it still holds onto an impressive 175% increase in the last 30 days.

Its trading volume has also risen encouragingly, moving up to $1.7 billion in a sign that traders continue to have interest in the token.

Its price should continue recovering in the very near future, with the positive medium-term trajectory of the wider market helping to push it up.

SHIB’s chart and indicators continue to look indecisive, caught between further losses and a possible recovery.

For instance, the coin’s relative strength index (purple) is sliding down towards 50 again after rising to almost 70 yesterday, signalling a quick loss of momentum.

This has happened while SHIB’s 30-day average (yellow) is climbing steadily back towards the 200-day (blue), albeit without any real impetus.

If it can manage to lift over the longer term average, this could signal a strong recovery rally, with SHIB potentially returning to $0.000030 in the next couple of weeks.

Supporting this possibility is SHIB’s trading volume, which is up by more than 450% in a month.

This suggests that demand in the token remains strong, even if isn’t quite as strong as it was in early March.

In other words, there’s enough volume and interest to help the token recover well in the near term, with SHIB still popular among whales.

This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!

After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.

If he sells, he will make ~$1.58M, a gain of