Shiba Inu Price Prediction as SHIB Bounces 5% Suddenly Overnight – New Bull Rally Starting?
SHIB has jumped by 5% in the past 24 hours, with the Shiba Inu price rising to $0.00002357 as the crypto market as a whole gains by 2% today.
Shiba Inu remains down by 7% in the past week, however, as well as by 2% in the last 30 days.
On the other hand, its medium- and long-term momentum remains solid, with the coin having gained 160% in the past year.
And with SHIB’s price bouncing overnight and again this morning, today could be the beginning of a new growth spurt.
SHIB’s chart and indicators show some very strong momentum right now, largely as a result of the surge it has seen in the past hour or so.
Its RSI (purple) has gone from under 30 very early this morning to just over 70 as of writing, and given that it had been suffering for several days prior to this, it could remain high for a few days yet.
Providing support to this view is SHIB’s 30-day average (orange), which has begun climbing rapidly and could soon overtake the 200-day (blue).
If it does climb over the longer term average, this could signal a breakout rally, which again may last for a few days.
The reason why SHIB has attracted a sudden influx of interest is that CoinGate has just announced that it has integrated Shiba Inu with the Polygon and BNB Chain networks.
CoinGate has integrated SHIB with Polygon and Binance Smart Chain (BSC).
CoinGate, a cryptocurrency payment gateway, acts as an intermediary between digital currencies and conventional enterprises, empowering merchants to receive digital assets as payment for products and… pic.twitter.com/7g0YR2HVSo
— Liquidex (@Liquidex_1) May 13, 2024
In other words, it’s now faster and cheaper to use SHIB as a payment option online, something which could open up the famous meme token to more usage going forward.
Becaus
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