Shiba Inu Price Prediction as Meme Coins See Huge Surge in Volume – New Bull Rally Starting?
The price of Shiba Inu (SHIB) has dropped by 1% in the past 24 hours, falling to $0.00000990 as the cryptocurrency market as a whole suffers a similar decline.
SHIB is also down by 4% in the past week and by 11% in the last 30 days, with the meme token up by 22% since the start of the year.
And while SHIB may be down at the moment, the rise of Pepe (PEPE) has caused a surge in trading volumes for meme tokens, something which could ultimately drive interest towards Shiba Inu.
At the same time, Shiba Inu is also awaiting the full public launch of layer-two network Shibarium, as well as the arrival of SHIB: The Metaverse, both of which could help the coin see substantial gains towards the end of the year.
SHIB may still be falling, but its chart suggests that it may be close to bottoming, given the current position of its two main indicators.
SHIB's 30-day moving average (yellow) is on the brink of falling below its 200-day average (blue), and while such a 'death cross' is never really welcome, it usually signals the beginning of the end of a downturn.
Likewise, the coin's relative strength index (purple) is close to hitting 30, at which point it will officially become oversold, something which should signal a recovery.
Of course, this may not happen just yet, with the ongoing decline of SHIB's support level (green) suggesting that it could fall in price for at least a few more days yet.
That said, SHIB's support level (green) continues to fall and fall, which is a bad sign insofar as it implies that the coin could continue to reach new lows for a while yet.
One ray of light is the fact that PEPE's big rally over the past few days has possibly whetted the market's appetite for meme tokens, although you wouldn't know this solely
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