Shiba Inu Price Prediction as SHIB Bounces 2% – Time to Buy?
SHIB has gained by 2.5% in the past 24 hours, with the Shiba Inu price reaching $0.00001852 on a day when the crypto market rises by only 0.5%.
Despite this lift, the meme token sits on a 16.5% loss in a week and a 28% fall in a fortnight, although it does hold onto a nice 155% increase in a year.
Given its recent losses, its underlying long-term momentum leaves traders in a good position to buy the dip just as it begins to rise again.
And with Shiba Inu one of the strongest major meme coins in terms of its fundamentals, it could witness some solid gains very soon.
As with many other coins right now, SHIB is showing some signs of life again after spending more than two weeks taking some steady punishment.
Its gains today means that its relative strength index (purple) has risen from under 20 on Monday to just over 50 today, a clear sign of returning momentum.
It’s a similar story with SHIB’s 30-day moving average (orange), which fell to a new low in relation to its 200-day (blue) yesterday, but which looks to have begun a process of recovery.
Indeed, SHIB had basically bottomed out as far as its recent losses are concerned, so it seems almost inevitable that it should enjoy some good returns over the next few days.
Its 24-hour trading volume has also risen encouragingly, from less than $200 million at the start of the week to $500 million today.
This indicates that buyers are returning to SHIB, which is due a good period insofar as it has suffered more than many other major tokens recently.
It’s also due a lift to the extent that it boasts some of the strongest fundamentals of any meme token.
This is because it has spent the past few years building an ecosystem around itself that provides actual utility, from its ShibaSwap DEX to
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