Shiba Inu Price Prediction as SHIB Breaks 2-Month Downtrend – New Peaks Ahead?
The Shiba Inu price has risen by 2% in the past 24 hours, climbing to $0.000009365 after spending nearly two months on the decline.
Its gain comes on a day when the cryptocurrency market as a whole has risen by 3%, with SHIB having increased by 3.5% in the past week and by 5.5% in the past fortnight.
However, the still-popular meme tokens has actually declined by 2% in a month and by 30% in the past year, languishing at a time when many major tokens have made considerable gains.
Yet it’s arguable that this underperformance sets SHIB up for above-average rallies in the coming weeks and months, particularly if crypto enters a bull market this year.
What’s interesting about SHIB’s chart is that, after weeks of stagnation, it’s beginning to gain some real momentum.
Its relative strength index (purple) has shot from 40 to nearly 55 in the past couple of days, indicating a big increase in buying pressure.
At the same time, the coin’s 30-day moving average (yellow) has levelled off after sliding consistently since the start of the year, another sign that it has bottomed out and is ready to recover.
Of course, its trading volume still remains low at $130 million, yet this has almost doubled since the start of the week.
There has been some sign of whales renewing their interest in SHIB in recent weeks, with a small number of transfers off exchanges.
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