Shiba Inu Price Outlook: SHIB Sees 4% Rebound from Recent Low – Is the Downtrend Ending?
The price of Shiba Inu (SHIB) has risen by 1.5% in the past 24 hours, with the meme token's jump to $0.00000712 marking a 4% increase from its seven-day low.
SHIB is now up by 2.5% in the past week, although the altcoin remains down by 4.5% in a month and by 12% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP, SOL).
Yet its bounce today raises the hope that the worst of its 2023 is now over, and that buyers are ready to take advantage of its highly discounted price.
SHIB has been weak and oversold for several months now, which should mean that it has to make a recovery soon enough.
Indeed, its indicators seem to signal that such a recovery may have just begun, with SHIB's relative strength index (purple) rising sharply in the past few days, from nearly 30 last week to nearly 50 today.
This indicates a jump in buying momentum, and while SHIB's 30-day exponential moving average (yellow) hasn't begun rising yet, it looks as though its descent below the coin's 200-day average (blue) has ceased, and that it's now ready to begin rising again as the meme token rallies.
It's not clear whether whales have resumed accumulating the token again, yet a big transfer of over $32 million in SHIB today (from an unknown wallet to an unknown wallet) may suggest that its market could start heating up again soon.
With other meme tokens, it would be hard to argue that there's any fundamental reason why a rebound or rally should be coming soon, yet 2023 has seen Shiba Inu take some important steps towards providing it and its ecosystem with some genuine utility.
Indeed, the launch of layer-two network Shibarium remains a major milestone for Shiba Inu, with the layer-two now having processed somewhere in the region of 3 million transactions to date, with around 1.25 million wallets.
