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Shiba Inu: Technical Analysis and Price Forecast

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by Giorgi Kostiuk

5 hours ago

In the last 30 days, the cryptocurrency Shiba Inu (SHIB) has lost 11.6% of its value, but there are signs of improvement in market dynamics.

Technical Signals of Shiba Inu

According to analysis, the relative strength index (RSI) of Shiba Inu stands at 47, indicating a move out of oversold territory. The cryptocurrency is no longer trading below the nine-day moving average, which is considered a bullish signal.

Whales' Activity and Its Impact

Shiba Inu has demonstrated an upward trajectory after whales began actively withdrawing significant amounts of SHIB from Coinbase. Over 189 billion SHIB were withdrawn, indicating strategic accumulation within the meme coin community.

Analysts' Predictions and SHIB Prices

Analysts believe the chances of Shiba Inu adding another zero in the current cycle are very slim. It is expected that an increase in SHIB's deflationary rate and support from bulls may restore the cryptocurrency in the long run.

In conclusion, despite recent losses, Shiba Inu shows positive signals indicating potential recovery and limited risks.

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