Shiba Inu Price Prediction as Meme Coins See Double-Digit Gains – Time to Buy?
The Shiba Inu price has jumped by 10% in the past 24 hours, with the meme token’s rise to $0.00000934 coming as the market as a whole gains by 4% today.
This increase puts SHIB up by 18% in the last 30 days, with the coin also having appreciated by 15% since the beginning of the year.
Such year-to-date growth is relatively disappointing in relation to other major tokens, yet it’s arguable that SHIB’s prior underperformance now puts it in a position to grow vigorously over the next few weeks.
And with most analysts expecting a bull market in 2024, SHIB could enjoy several months of sustained rises soon enough.
SHIB’s chart suggests that the meme token is definitely on the up right now, with its indicators all signalling increased buying pressure.
Its relative strength index (purple) has surged from 50 a week ago to nearly 70, with more rising possible before the coin enters overbought territory.
Even more bullishly, the meme token’s 30-day average (yellow) has begun rising more aggressively beyond the 200-day average (blue), having over taken the longer term average just under two weeks ago.
This suggests that SHIB may have entered a period of sustained gains, with more price increases likely to follow in the coming days and weeks.
Indeed, its 24-hour trading volume has now risen to around $600 million, from $100 million only a couple of weeks ago.
This suggests a big leap in interest in the token, with recent data showing that whales have begun accumulating it once again.
A fresh whale wallet withdrew 600B $SHIB($5.7M) from #Binance in the past 30 minutes.
Another wallet of this whale also withdrew 250B $SHIB($2.3M) from #Binance 9 days ago.https://t.co/mnZCbJne7khttps://t.co/DaUz1VaLAL pic.twitter.com/Hr5yE8ltKc
— Lookonchain
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