Shiba Inu Price Prediction as 10% 24-Hour Rise Sparks Optimism: Are Investors Eyeing New Highs?

cryptonews.com:

The Shiba Inu price has jumped by 8.5% today, with its rise to $0.00000803 coming as the cryptocurrency market as a whole gains by a less impressive 1%.

This move means that SHIB has now risen by 19% in a week and by 10% in the last 30 days.

Although the meme token is actually down by 1% since the beginning of the year, in contrast to many other major tokens (e.g. BTC, ETH, XRP, SOL).

Yet this underperformance arguably puts the coin in a position where it could rebound strongly over the coming weeks, as suggested by today’s gains.

With the Shiba Inu price surging, the coin’s indicators are heating up accordingly.

Its 30-day average (yellow) has begun rising upwards, yet what’s encouraging here is that it still has some way to go before it catches the 200-day average and before the coin becomes overbought.

SHIB’s relative strength index (purple) may suggest that the coin actually isn’t that far from peaking, given that the RSI has just passed 70.

This normally indicates overbought territory, yet the fact that it had been below 50 for two months probably means it could stay in an ‘overbought’ position for a while yet.

One thing that may be concerning for SHIB is that its support level had been declining in recent weeks.

The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.
Given the infrequency yet precision of such signals, it's a pivotal moment to keep a keen eye on #SHIB. pic.twitter.com/yilwTPOVUF

— ةmomdoohosman (@momdooh1) October 26, 2023

However, this week’s surge is likely to lead to the meme token consolidating around a higher base, from which it could launch later surges.

Whether it continues to rally