Shiba Inu Price Prediction as SHIB Spikes Up 5% From Recent Bottom – Is the Sell Off Over?
The price of Shiba Inu (SHIB) has gained by as much as 5% today, with the meme token dropping to $0.00000877 earlier this morning before rising as high as $0.00000916.
SHIB's current price of $0.00000894 means that it has dropped by 11% in a week and by 20% in the last 30 days, although the altcoin is up by 9% since the beginning of the year, which is less than other major cryptocurrencies.
However, given just how much SHIB has fallen in the past weeks, its indicators suggest that it may have bottomed and that a recovery is due.
And when added to the incoming public launch of Layer 2 network Shibarium, such indicators suggest that SHIB's price could surge in the near future.
Based on technical indicators alone, SHIB should really rally in the coming days or weeks.
For one, the coin's relative strength index (purple) has begun rising towards 50 after spending several days in lower, oversold bounds.
Likewise, SHIB's 30-day moving average (yellow) has been well below its 200-day average (blue) for close to a week now, meaning that a correction upwards is due.
Added to this, the meme token's support level (green) has actually been creeping upwards since the beginning of the week, implying that it's consolidating around higher levels.
Despite these positive indicators, it should be noted that SHIB's 24-hour trading volume remains quite subdued, which is not really a good sign.
Back in February, when SHIB rallied as high as $0.00001473, its volume passed $1 billion, yet now it stands at around $175 million.
On the other hand, Whale Stats indicates that SHIB continues to be the most widely held token among ERC-20 whales, suggesting that underlying interest in the token hasn't waned.
It could be argued that its market is more or less
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