Shiba Inu Price Prediction as Market Cap Nears $6 Billion – Can SHIB Overtake DOGE?
The Shiba Inu price has dipped by 3% in the past 24 hours, slipping to $0.00000970 today as the wider market also falls by 3%.
SHIB has now gained by 4% in a week and by 16% in the past fortnight, with today’s misstep doing little to alter its overriding trajectory at the moment.
Indeed, SHIB’s market cap has risen from $4.2 billion in the middle of September to $6 billion today, with the meme token now the 17th-biggest coin in the market.
And with its momentum remaining strong, it may only be a matter of time before SHIB overtakes Dogecoin (DOGE).
SHIB may have lost a little of momentum in the past day, yet its general outlook still remains fairly bullish.
Its 30-day average (yellow) continues to reach further beyond its 200-day average (blue), a sign that the coin remains in a growth phase and probably shouldn’t see a medium- or long-term decline for quite some time yet.
Similarly, SHIB’s RSI (purple) is still clinging to the 60 level despite taking a dive in the past few days, meaning that buying pressure continues to prevail against selling pressure.
It’s also encouraging that the coin’s support level (green) has been gaining steadily ever since the middle of October, a fact which suggests that any dips are likely to brief.
Another key point of interest is that the meme token’s trading level is elevated, ranging from $400 million to $900 million in the past few days, in contrast to levels under $100 million a couple of months ago.
A big reason for this is that whales appear to taking an interest in SHIB, with several large transfers happening in the past few days.
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