Shiba Inu Price Prediction as Whales Hold $0.000008 Level – Where is SHIB Heading Next?
The Shiba Inu price has remained flat in the past 24 hours, keeping to the $0.00000803 level as the wider market rises by 1.5% today.
This puts SHIB at a 10% gain in the past week and a 13% rise in the last 14 days, although the meme token is actually down by 1% since the beginning of the year.
This decline since January stands in contrast to the performance of many other major tokens, with the likes of BTC, ETH, XRP and SOL all rising substantially since 2023 began.
However, a positive interpretation of SHIB’s underperformance is that it sets the altcoin up nicely for some above-average gains in the near future.
Given that the Shiba Inu price has had a good week or so, its technicals continue to look promising.
Most notably its RSI (purple) remains close to 70, signalling some very good buying pressure that doesn’t look like it will be ending soon.
The coin’s 30-day average (yellow) is also rising steadily towards its 200-day (blue), another sign of increasing momentum.
Yet the shorter term average is still below its longer term counterpart, meaning that SHIB can continue rising before it becomes overbought.
Perhaps the over most positive sign is SHIB’s 24-hour trading volume.
This has risen from around $50 million a few weeks ago to $400 million last week, with the current volume still at a healthy $150 million.
Such high levels indicate strong interest in SHIB, with the token still the most widely held ERC-20 coin among whales.
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