Shiba Inu Price Set for Surge? SHIB Eyes $0.000085 as It Enters Buy Zone
SHIB has fallen by 1% in the past 24 hours, with the Shiba Inu price slipping to $0.00001725 as the crypto market gains by close to 0.5% today.
The meme token is now down by 8% in a week and by 33% in the past month, although it holds onto a 125% increase in the last 12 months.
Its losses put it in a strongly oversold position, meaning that technical analysis dictates that it should rebound very soon.
And with the wider market looking like it could be ready for a recovery, the Shiba Inu price could see a strong end to the year.
What’s encouraging about SHIB’s chart is that it suggests the token is about to rebound, with its indicators beginning to come up from oversold levels.
This is particularly evident with its relative strength index (purple), which is rising to 50 today after touching 30 early this morning.
SHIB’s 30-day average (orange) has been below the 200-day (blue) for a couple of weeks now, another sign of heavy overselling.
One interesting feature of SHIB’s chart is that its volume is still pretty low, at $200 million today compared to $2 billion almost a month ago.
While this is indicative of a lack of decline, the lower volume also makes SHIB more susceptible to big price rises, especially if a big order comes in from a whale.
$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend. pic.twitter.com/yrYtZTPud6
— $SHIB KNIGHT (@army_shiba) June 26, 2024
As such, the combination of under-appreciation and low volume could result in a recovery for SHIB very soon, particularly if the launch of Ethereum ETFs boosts the wider market.
Reports suggest that these ETFs could launch as soon as July 4, with the influx in demand and volume pushing up not only Ethereum’s price, but alts in general.
Given that
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