The price of Shiba Inu (SHIB) has increased slightly by 0.5% over the past 24 hours to $0.00000692, while the broader cryptocurrency market has seen a slight decline over the same period.
SHIB is currently down 5% on the week and 6% over the past 30 days, along with many other major tokens (e.g. BTC, ETH, XRP, SOL).
However, historically, October is a very good month for SHIB, with the token surging 822% in October 2021, which shows its potential at the end of each year. (Official account: Pepe Soha)
Therefore, if SHIB comes close to replicating its performance from two years ago, it could be performing much higher heading into November than it is now.
Shiba Inu Price Prediction, SHIB Could Soar to $0.00003000 – Will History Repeat the 822% Surge in October?
SHIB’s indicators continue to show that the meme token remains extremely oversold and has been so since mid-August.
In particular, the chart below shows that SHIB’s relative strength index (purple) has been hovering below 50 for nearly two months, with the indicator actually spending most of its time below 40.
Such low levels suggest significant selling pressure, but also the possibility of a recovery rally, which is becoming increasingly likely as SHIB’s RSI struggles to break above 50 or 40 this week.
Likewise, the altcoin’s 30-day moving average (yellow) has been below its 200-day moving average (blue) since May, providing another very important sign that SHIB should indeed rebound soon.
However, the coin may not have fully bottomed out yet as its support level (green) has been declining for more than a few weeks now.
This decline suggests that few buyers have enough interest in SHIB to buy it as it hits new lows, although SHIB supporters may argue that this is both a sign of bearish sentiment in the market as a whole and a lack of confidence in SHIB.
Still, it is worrying that SHIB has not seen much action since August, but this could again set the stage for a sharp rally in October.
As mentioned above, October was one of the best performing months for SHIB, and even in October 2022, the token gained 10% in just 31 days.
Of course, past performance is no guarantee of future performance, and it is also important to remember that SHIB’s gains in October 2021 were achieved when it was a fairly low-market cap token, with much greater growth potential than it has today.
Therefore, even if the token is about to rebound, SHIB supporters may not expect an 822% surge this time.
