Shiba Inu Review: New Hot Streak On The Way?

By

Alejandro Gil

-

September 24, 2024

2418

0

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Over the past week, memecoins have been gaining particularly strongly, with a +11.4%. Currently, the main tokens in this sector are showing a persistent upward trend as a result of the improvement in macroeconomic conditions in the US. In this work, we review CoinCodex's technical analysis of the Shiba Inu token.

Shiba Inu Technical Analysis

This work is strictly based on a technical analysis of the SHIB token. That means it does not take into account fundamental elements such as news and other important facts.

According to the aforementioned portal, 28 technical indicators were applied to the token and in 19 of them it shows positive signals and in 9 negative ones. Meanwhile, the fear and greed index shows a neutral score of 54. Over the past 30 days, the token showed positive returns in 15, which equates to a 50% chance of positive returns.

As for the SMA of 50 in the short term, it indicates a markedly positive performance. The RSI is also neutral, at 54.42%. It is worth remembering that the latter is considered oversold when it is below 30. Meanwhile, when it is above 70 it is considered overbought.

On the other hand, the market sentiment index stands out. In the case of this dog token, 68% expect it to rise, while 32% have bearish expectations regarding the price of SHIB.

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SHIB Price Prediction

Now it's time for price predictions. It's important to keep in mind that these Shiba Inu predictions are based exclusively on technical analysis. That means that they do not estimate news or contextual elements, which can have a much greater influence than historical performance. In any case, one should not lose sight of the fact that historical performance is no guarantee of future performance.

With this in mind, we review CoinCodex's weekly forecast. The portal estimates that by September 30, the token will have risen by 54.91%. As shown in the image below, it can be seen that the returns look extremely positive. As mentioned above, this is deduced from historical behavior.

On the other hand, in the medium and long term, the numbers also look remarkably positive for Shiba Inu. By 2029, it would have one less zero after the point, which can be interpreted as a strong rise.

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Data to take into consideration

  • The predictions in this article are exclusive to the CoinCodex portal and not to CriptoTendencia. The performance and price data were taken from CoinMarketCap and Messari.

  • Shiba Inu token predictions are based on technical analysis, i.e. historical data. As such, these may change in case of unforeseen news.

  • SHIB is the token of Shiba Inu. The dog coin is the second largest in market capitalization in the memecoin sector, second only to Dogecoin.

Disclaimer: This prediction is based on historical trends and technical analysis. Cryptocurrency prices are highly volatile and can be affected by external factors. Investors should do their own research before making investment decisions.

$SHIB