😮🚀🚀Three Signs That Point to a Shiba Inu Price Increase
The popular meme-inspired cryptocurrency Shiba Inu saw a slight decline as it started the week, but according to basic technical indicators, it is showing signs of a potentially significant price increase in the coming weeks.
According to CoinMarketCap data, Shiba Inu experienced a small pullback on Monday after last week's rise and fell by about 3% to $ 0.00001023. However, when the suspension is made, Shiba Inu still retains most of the significant gains made in the last 30 days.
Although the price has fallen slightly today, the analysis of the main technical indicators shows that Shiba Inu has enough room to maintain its bullish trend in the short term.
The Relative Strength Index is in the ”neutral" zone
The relative strength index (RSI), a momentum indicator used to measure the overbought or oversold status of an asset, is currently in the middle "neutral" zone for Shiba Inu, according to market data. This is quite different from previous oversold levels.
The current RSI indicates that crypto investors probably haven't pushed SHIB into unsustainable overbought territory yet. This measurement indicates that more positive price movements may emerge in the coming days, as there is more October left for additional gains.
No signs of a downward trend
Analysis platform CoinCodex also touched upon other bullish signals emerging from the current array of technical indicators following Shiba Inu. Their evaluations showed that 28 different technical analysis tools exhibited bullish market signals, while zero showed bearish signs.
Staying in a bear market for a long time
Shiba Inu stands out as a cryptocurrency that has not yet joined the emerging bull market at the moment. While major cryptocurrencies such as Solana, Cardano and Avalanche are all experiencing triple-digit percentage increases in 2023, Shiba Inu's earnings are only at 27.4% to date.
