Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Meme Coins Making a Comeback?

cryptonews.com:

The Shiba Inu price has dipped by 4.5% this morning, with its fall to $0.000009051 coming as the wider crypto market loses 1% in the past 24 hours.

This loss means that SHIB has fallen by 12.5% in a week and by 15% in the past fortnight, with the coin having risen by only 7% in the last 12 months.

This counts as substantial underperformance in relation to many other major tokens, yet with the market set to become more bullish in the coming weeks and months, SHIB could make a strong comeback very soon.

SHIB appears to be in the middle of a correction, following a very busy December.

For one, its 30-day average (yellow) has begun falling towards its 200-day (blue), a sign that it has begun losing momentum.

This is also clear from SHIB’s RSI (purple), which is struggling to clear 40 after topping 70 in early December.

It’s therefore the case that traders are more inclined to sell SHIB rather than buy it, something also suggested by the coin’s low 24-hour trading volume.

This stands at $200 million (down from over $800 million in December), and with the meme token also falling through the $0.00000950 support level yesterday, more losses could be coming soon.

However, this all depends on what the SEC does later this week, with the regulator expected to reach a decision on several Bitcoin ETFs this week.

If its decisions are positive, the market will undoubtedly rally big, pushing up the SHIB price with it.

Of course, if it rejects or delays again, the market is likely to take another hit, and it’s entirely possible that SHIB, as a meme token, will fall disproportionately.

Either way, the longer term picture does look positive for SHIB, given that 2023 saw its developers working assiduously towards giving it more utility and value.

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