Meme cryptocurrencies have a unique strength and that is sudden buying rallies. Once a trend or pattern hits the market, buyers continue to flood trading systems, driving cryptocurrency prices either up or down. Hence, sudden rallies and profit posting are an integral part of meme-based cryptocurrencies.
Shiba Inu has jumped six places in the past six days and is now 15th in terms of market capitalization. Shiba Inu is now worth around $ 11.75 billion, with the uptrend momentum having been somewhat disrupted. The buy action has also slowed in the past few hours, but there is always a greater chance of sudden trend reversals bringing Shiba one decimal closer to the $ 1 mark.
Shiba Inu price analysis
Shiba Inu has shown tremendous strength and buy action that has only slowed a little today due to some minor profit posting. Comparing today’s move to yesterday’s move, Shiba Inu posted an 18% intraday gain on a closing basis.
Shiba Inu broke out of its smaller trading range on October 4th, resulting in a 57% intraday gain that has not been seen in major cryptocurrencies for a long time. Shiba continued to hit new highs following the buying trend, hitting a high of $ 0.0003535 before facing some profit bookings. But the profit posting was wiped out by yesterday’s massive 18% gains. This price action makes it clear that cryptocurrencies can move in a very volatile trend.
The RSI has jumped into overbought zones and the MACD indicators are showing the same thing. So based on ours SHIB price predictionalthough there has been a visible decline in buying sentiment, it should not be viewed as a reversal signal.