Shiba Inu Price Prediction as SHIB Spikes Up 1.5% – Here’s the Latest

cryptonews.com:

SHIB has posted a 1.5% gain today, with the Shiba Inu price rising to $0.000009628 as the market rises by a similar percentage in the past 24 hours.

The jump to this level puts SHIB at 1.5% loss in a week, although the enduring meme coin remains up by 5% in a fortnight and by 12.5% in the last 30 days.

Yet its failure to register a gain in the past year – it’s currently down by 25% in 12 months – means that SHIB still sits in a very undervalued positions.

This could be advantageous going towards, however, with SHIB potentially on course for a big rebound soon enough.

SHIB has recovered some momentum as of late, and while it had taken a slight dip in the past couple of days, it looks as though its recent good performance could continue.

Its 30-day moving average (yellow) has resumed climbing away from tis 200-day (blue) after a period of decline, signalling a recovery of momentum that has plenty of space to continue for a while yet.

At the same time, SHIB’s relative strength index (purple) has gone from 40 on February 6 to nearly 55 today, suggesting that the coin’s direction of travel is towards further gains.

This view is boosted by the token’s medium-term support level (green), which has risen consistently since the end of 2023 and also suggests incoming rallies over the next few months.

One other positive is that SHIB’s 24-hour trading volume has risen significantly since the beginning of the month, moving from about $65 million in early February to $230 million today.

Admittedly, this doesn’t really compare to the levels – closer to $750 million – we saw in December, yet it does point to an ongoing recovery.

And as noted above, SHIB is arguably one token the market has oversold and undervalued a little too much.