Shiba Inu price forecast: trading volume increased to $600 million - a good time to buy?
The price of #Shiba Inu rose 3% to $000002909 today, while the overall cryptocurrency market rose 4.5% in the last 24 hours.
#SHIB is up 1.5% this week and 4.5% in two weeks, while the popular token meme is down 15% in the last 30 days.
Despite these disappointing results, the coin's transaction volume, which has grown from $350 million to $700 million in the past few days, suggests that it is poised for steady growth in the near future.
SHIB may also show decent growth in the near future, as the whole market is expecting another #bitcoin rate halving.
Since all indicators point to the beginning of a rally, now seems to be a good time to buy SHIB.
The 30-day moving average (orange) is above the 200-day moving average (blue), forming a golden cross that often signals the start of a rally.
Shiba Inu stock price chart.
Similarly, the Relative Strength Index (purple) is climbing toward the 70 mark after falling below 50 this morning.
Combined with the increased volume of SHIB, traders may suspect that the coin will begin to rally strongly over the next few days.
Indeed, this seems likely given SHIB's recent whale-like accumulation with a large $19.26 million transaction today.
As such, SHIB Inu's price is very reasonable right now, and the broader market also looks very positive.
This is mainly due to the fact that the value of bitcoin will halve on April 20.
The halving of the price combined with the significant trading volume of the Bitcoin ETF has made traders more bullish, and confidence has spurred altcoin growth.
This is also true for Shibainu, which remains one of the most fundamentally strong meme coins on the market.
The main reason for this is that unlike Dogecoin (for example), Shibainu has its own ecosystem of applications and platforms.
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