Shiba inu (SHIB) has risen by 1% in the past 24 hours, reaching $0.00001123. This modest rise comes on the back of a similar movement for the cryptocurrency market as a whole, with prices correcting upwards a little after arguably excessive pessimism earlier in the week.

The current SHIB price represents a 3% jump in the last seven days, with the altcoin down by 8% in the past month. However, with SHIB's technical indicators signalling that it's oversold and undervalued, there's every chance that its movement this morning could be the beginning of a fresh rally.

In contrast to other major coins, SHIB is actually up over the past 12 months, having recorded a 60% increase (according to CoinGecko). On the other hand, it's down by 87% from its October 2021 all-time high of $0.00008616, although this percentage is completely in line with pullbacks seen by other major cryptocurrencies.

SHIB's indicators suggest its recent downswing is about to turn into an upswing.

Its relative strength index (purple) has gone from nearly 30 to just over 45, signalling a gain in momentum under oversold conditions. Similarly, its 30-day moving average (red) is getting close to its 200-day average (blue), with a turnaround potentially indicating a breakout.

Looking at SHIB's behavior over the past year, it has witnessed a few significant rallies, despite the negative market conditions. It posted a 58% rise in early February, for example, with the announcement of its own metaverse being the major driver.

It also jumped by 25% between mid- and late-March, while August brought a 64% increase, as the meme token rose from $0.00001032 to $0.00001695 in a matter of days,

What's important to note is that its current price ($0.00001123) is close to levels seen