Shiba Inu Price Prediction as Meme Coins Bounce Back – Can SHIB Overtake Ethereum?

cryptonews.com:

SHIB has risen by 1.5% in the past 24 hours, with the Shiba Inu price reaching $0.00002713 on a day when the crypto market as a whole has gained by 1%.

The token has now increased by 21% in a week, with its returns coming as meme coins make a recovery across the board.

But with SHIB still down by 2.5% in the last 30 days, it still has plenty of space to recover further in the coming days.

This is particularly the case when Shiba Inu remains one of the strongest meme coins in terms of its fundamentals, with this week seeing the announcement of a $12 million raise for the coin’s new layer-three network.

It’s debatable as to what SHIB is going to do in the near term, with its indicators looking as though it may need to dip a little before we see more gains.

Its 30-day average (orange) has been above its 200-day (average) for a few days now, and while it may hang in there for a few days yet, it seems to have lost momentum.

Likewise, SHIB’s relative strength index (purple) is hovering around the 50 mark, having declined from 80 a few days ago and looking like it may drop towards 30 or 20 before picking up again.

What’s discouraging for SHIB is that its trading volume today is $700 million, in contrast to the $13 billion levels we saw in early March.

Clearly, major demand has not yet returned to Shiba Inu, which may seesaw between recovery and dips for as long as it struggles to attract new volume.