Shiba Inu Price Prediction as SHIB Spikes Up 2% – Is the Sell Off Over?
SHIB has gained by a very modest 0.5% in the past 24 hours, with the Shiba Inu price moving to $0.00002764 and marking a 2.5% gain in a week.
Despite these increases, SHIB remains down by 5% in the last 30 days, although the popular meme token has gained by 145% in a year.
Given that its overarching trajectory remains positive, its recent declines have likely come to an end, with the coin looking ready to bounce back again.
And as arguably the strongest meme coin in terms of fundamentals, SHIB could see some big gains as and when the wider market enters a more bullish phase.
SHIB has actually declined a little in the past hour, with its chart and indicators signalling this loss of momentum.
Its relative strength index (purple) has dropped from around 55 earlier this morning to 45 as of writing, and it’s entirely possible that it falls further today, bringing the Shiba Inu price with it.
Its 30-day average (orange) also looks fairly weak, having fallen below the 200-day (blue) early yesterday, and with space to fall further before the coin gets into a decidedly oversold position.
It’s also discouraging that SHIB’s trading volume still looks weak, at $600 million today.
Given the lack of demand right now, SHIB may struggle to break through its resistance level (red), although the latter is converging with the coin’s support (green).
UPDATE: Unfortunately #SHIB whales have been disappearing the past two days.
Metrics show a significant drop in the number of large transactions typically associated with whales.
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