SHIB had earlier gained 2.5%, with the price of Shiba Inu reaching $0.00001852, while the crypto market was only up 0.5%.
Despite this rise, the meme token is still down 16.5% in one week and 28% in two weeks, although it has maintained a respectable 155% gain in one year.
Given its recent losses, its underlying long-term momentum allows traders to buy when prices first start to rebound.
Additionally, as one of the major meme coins with the strongest fundamentals, Shiba Inu Coin may be on the verge of seeing some solid gains soon.
Shiba Inu Coin (SHIB) Price Rebounds – Is It Time to Buy?
Like many other cryptocurrencies, SHIB is showing some signs of recovery after more than two weeks of sustained decline.
Yesterday's gains mean its Relative Strength Index (RSI, purple) has risen from below 20 on Monday to above 50 today, a clear sign of renewed momentum.
Despite SHIB's recent underperformance, this sign of recovery could mean its price will continue to rise. Investors may consider taking advantage of current low prices to buy in the hope of better returns in the future. However, any investment decision should be based on adequate market research and personal risk tolerance.
SHIB's 30-day moving average (orange) fell to new lows yesterday relative to the 200-day moving average (blue), but now appears to be starting to recover, according to TradingView data.
In fact, SHIB's price appears to have bottomed out, with some nice returns expected in the coming days. Its trading volume has also risen encouragingly, from less than $200 million at the beginning of the week to $500 million today. This shows that buyers are returning to SHIB as it has suffered more losses than many other major coins recently.
Additionally, SHIB has one of the strongest fundamentals of any meme token, which also provides upside potential for its price.
This is because over the past few years, SHIB has built an ecosystem around itself that provides real utility, including the ShibaSwap decentralized exchange (DEX) and the Shibarium second-layer network.
There are plans to launch the privacy-enhancing three-layer network in the coming months, and developer Shytoshi Kusama also recently revealed a celebrity-related product.
This bodes well for Shiba Inu’s future, with its ecosystem expected to continue growing in the longer term.
Further, this also suggests that Shiba Inu coin prices may rise, especially if the recovery in the broader market is stronger.
We may see SHIB price reach $0.000020 in the coming weeks and $0.0001 before the end of the year.
New Meme Tokens May Rise Even Stronger
While SHIB is likely to remain around for a long time to come, traders looking for maximum meme token derivative gains may prefer to investigate new coins.
Presales are a particularly lucrative source of revenue right now, with several promising new meme tokens holding presales as they prepare to go public.
For example, Base Dawgz (DAWGZ) is a cross-chain cryptocurrency whose popular token offering has raised over $1.8 million.
DAWGZ stands out as a multi-chain meme token running on the Ethereum, Base, Solana, Avalanche and BNB Chain networks.
By opening up to multiple networks, it potentially expands its user and investor base, which will boost its price in the long term.
DAWGZ chose a familiar yet unique meme, with its token using a base-jumping Shiba Inu as its virtual face and mascot, which also helped attract more attention.
What’s more, it also has a solid token economic model with a total supply of 6.453 billion DAWGZ.
20% of the supply will be available for sale and the other 20% will be staking, enabling holders to earn passive income from the tokens.
At least, the sale will continue until $8 million is raised, and DAWGZ will be listed on decentralized and centralized exchanges after the sale ends.
Although time is limited, newbies can participate by visiting the official Base Dawgz website.
The current price of 1 DAWGZ is $0.00527 and may exceed this price after the sale ends.
Buy DAWGZ now: https://cn.cryptonews.com/ext/basedawgz-cn/
Original article: https://cn.cryptonews.com/news/shiba-inu-price-prediction-as-shib-bounces-2-time-to-buy.htm
