Shiba Inu Price Prediction: SHIB Bounces 5% – Can SHIB Overtake Dogecoin?

cryptonews.com:

SHIB has bounced by 5% since reaching a 24-hour low of $0.00001646, with the Shiba Inu price returning to $0.00001709 on a day when the crypto market is down by 1%.

This price means that the Ethereum-based meme token has lost 6% in a week and 30% in a month, although it holds onto a decent 115% gain in a year.

Other major coins (including Bitcoin and Ethereum) are still facing falls in the past 24 hours after the entire market dived yesterday, with SHIB’s resilience providing encouraging signs for the next few days.

And with the coin boasting probably the strongest fundamentals of any meme token, it should return to strong growth in the very near future.

SHIB’s overnight jump puts it in a good position to recover from recent losses, with the coin’s indicators still signalling that it’s due a big return.

Its relative strength index (purple) climbed vigorously to 60 earlier this morning, but has actually dived to 50 again, suggesting a failure to regain substantial momentum.

This is largely because SHIB failed to crack its resistance level (red), a sign that we’re still in the middle of bearish period.

Also of note is the coin’s 30-day average (orange), which remains well below the 200-day (blue) and is flattening out again after looking like it may recover this morning.

One more positive detail is that SHIB’s 24-hour trading volume has risen to $360 million this morning, up from $150 million yesterday.

This could be regarded as a sign that buyers are looking to return to the coin, which is now selling at discounted prices.

However, the overall mood in the wider market may prevent it from rebounding concertedly, given that traders are fearing a big selloff as and when Mt. Gox’s former creditors receive their Bitcoin.

This will begin