Shiba Inu Price Prediction as 7-Day Gain Nears 10% – Breakout Imminent?

cryptonews.com:

The Shiba Inu price has risen by 3% in the past 24 hours, reaching $0.00000855 on a day when the cryptocurrency market as a whole makes a similar gain.

SHIB is now up by nearly 10% in a week and by 24% in the last 30 days, thanks to the market-wide rally that has followed growing Bitcoin ETF excitement.

Yet the coin has had a relatively disappointing 2023, having risen by only 5.5% since the beginning of the year, in contrast to many other major tokens (e.g. BTC, ETH, XRP, SOL) with double-digit percentage gains.

However, this potentially means it’s in a position where it could over-compensate for earlier underperformance, with more gains likely in the coming weeks.

SHIB’s indicators reflect growing interest in the meme token, with its relative strength index (purple) rising back towards 70 as buying pressure mounts.

Likewise, the coin’s 30-day average (yellow) is climbing steadily towards its 200-day average (blue), with its actual price already having overtaken the longer term average.

This would suggest that SHIB may be close to breaking out, with rising trading volume also support this view.

For instance, SHIB’s 24-hour volume stood at around $60 million as recently as the middle of October, yet now it reads at over $200 million.

This signals growing demand and buying pressure, and while SHIB has dipped a little in the past week or so, its rising support level (green) has prevented it from dropping back too far.

It’s worth remembering that SHIB remains the most widely traded token among ERC-20 whales, who look like they’ve re-entered an accumulation phase as far as the meme token is concerned.