Shiba Inu Price Prediction as SHIB Approaches Dogecoin’s Market Cap – Is Top Spot Within Reach?
The Shiba Inu price has risen by 4% in the past 24 hours, reaching $0.00002788 as the crypto market as a whole post a 2% gain overall today.
SHIB remains down by 19% after last week’s market-wide correction, yet the popular meme token still holds onto a 188% increase in the last 30 days.
Interestingly, Shiba Inu is now 12th in the market in terms of cap, with the coin only $5 billion away from overtaking DOGE.
And given that SHIB arguably has better fundamentals than Dogecoin, such a flippening could happen sooner rather than later.
As with most other coins in the market right now, SHIB’s indicators are in a weakened position at the moment, and even if they have shown some signs of recovery in the past hour, more losses could be coming.
SHIB’s 30-day average (yellow) fell below its 200-day (blue) towards the end of last week, and while it did pick up yesterday it has stopped climbing at the moment and could be about to fall again.
It’s possible to say something similar for the coin’s RSI (purple) which dropped close to 45 earlier this morning, a sign of increasing selling pressure.
That SHIB could fall further is a conclusion traders could draw from the coin’s support level (green), which is pointing downwards and may be unable to prevent a dive towards $0.000023 in the next week or so.
Still, SHIB remains healthy in terms of its trading volume, which remains above $2 billion despite the current loss of momentum.
Bullish or bearish on $SHIB?
We noticed that Rune(@RuneKek, Cofounder of MakerDAO) bought $SHIB and #JustinSun sold $SHIB.#Rune spent 500K $USDC to buy 25.04B $SHIB($673.5K) in the past 3 days.https://t.co/3w6fwrzsN3#JustinSun deposited 20B $SHIB ($) to $Poloniex and sold… pic.twitter.com/vniy4i9fOZ
— Lookonchain
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