Shiba Inu Price Prediction as Daily Trading Volume Surges Past $100 Million – Are Meme Coins Back?
The price of Shiba Inu (SHIB) has declined by 1.5% in the past 24 hours, with its drop to $0.00000758 coming on what is also a disappointing day for the market as a whole.
SHIB is now down by 6% in a week and by 21% in the last 30 days, with the meme token also down by 6% since the beginning of the year, even though many major cryptocurrencies (e.g. BTC, ETH, XRP) have risen over this timeframe.
Yet with SHIB's 24-hour trading volume rising beyond $100 million, there may now be enough liquidity and interest in its market to help it rebound very soon, especially when the coin remains decidedly oversold.
SHIB's indicators continue to look fairly weak, but on the plus side they are in a position that would suggest a rebound is due at some point in the near future.
Firstly, SHIB's 30-day moving average (yellow) continues to fall further below its 200-day average (blue), providing a sign that the meme token is very close to hitting a bottom.
Secondly, the coin's relative strength index (purple) has begun rising slightly after more than two weeks spent hovering around 40, providing a sign that it is perhaps gaining some much-needed momentum.
This is the impression also created by SHIB's trading volume, which from $60 million during the weekend has now risen to $100 million, an indication that market interest in SHIB is increasing again.
What's interesting is that the past week has witnessed a couple of high-value SHIB transfers away from crypto-exchange Bitavo, something which would suggest that whales have resumed accumulating the token.
SHIB could therefore be in line for more rallies in the very near future, with the coin potentially returning to $0.00000080 in the next couple of weeks.
As for the longer term, the (re)launch of
Read more on cryptonews.com
