SHIB Price Prediction As It Rises 1.5%
The last 24 hours saw the price of the Shiba Inu token record gains of 1.5%, as it rose to $0.000009628, with the broader crypto market also recording similar gains.
The jump in its price puts the weekly losses of the SHIB token at 1.5%, but it has gained 5% in the last 14 days and 12.5% in the last month.
However, it is currently 25% down in the last year, which means that the price of the meme token is significantly undervalued.
This could actually be beneficial going forward because it could see the SHIB token record a big rebound soon.
The analysis
As of late, the second-largest meme token in the market has seen a recovery in its momentum. It has declined in the last few days, but it seems that its recent good performance will continue.
The 30-day moving average of the Shiba Inu token has resumed its ascent over the 200-day moving average after declining.
This signals a recovery in momentum and shows that there is plenty of space for it to continue for some time.
At the same time, the Relative Strength Index (RSI) of the meme token has climbed to 55, even though it had stood at 40 on February 6th.
This shows that the direction of travel of the meme token is to make further gains.
More indicators
The medium-term support level of the meme token also boosts this point of view because it has consistently been rising since the end of 2023.
It also suggests that there might be some incoming rallies in the next couple of months. Another positive sign can be seen in the 24-hour trading volume of the Shiba Inu token.
It has recorded a significant increase since the start of the month, as it had stood at $65 million at the beginning of February and has now reached $230 million.
This does not compare to the levels recorded in December, when the trading volume had reached $750 million, but it does hint towards an ongoing recovery.
Recent signs
The SHIB token has been significantly undervalued and oversold. It is also interesting to note that whales have bought the token in large amounts in recent weeks.
This implies that they expect the price to rise. The dog-themed token also has strong fundamentals as compared to its rivals.
The launch of the Shibarium layer-2 protocol last summer strengthened the fundamentals. SHIB: The Metaverse is also under development.
In addition, decentralized identity tools are also being developed for the Shiba Inu ecosystem. These developments support a bull case for the SHIB token.
As the broader crypto market becomes more bullish, the price of the Shiba Inu token is expected to rise further.
