Will SHIB’s Price Surge Continue?
SHIB’s chart is looking promising today, with the coin looking ready to post some more gains after its surge earlier this week
The meme coin has just broken through its downtrend (yellow). This decisive breakthrough indicates a shift in momentum toward an uptrend and a continuation of the price increase.
Other indicators support this, with SHIB’s relative strength index (RSI) line (purple) rebounding towards 60, up from a low of 30 earlier this week. This suggests that the recent downtrend was temporary and does not signal a complete shift in momentum.
Additionally, the meme coin’s 30-day moving average (orange) is trending upward above the 200-day average (blue) in a continuation from the past week. This suggests that SHIB is currently overbought – indicating confidence among traders.
The coin’s 24-hour trading volume has also risen in recent days, with its move up 135.12% to $914.28M. This confirms increased interest in SHIB among investors.
Several factors contribute to optimism about SHIB’s price, including the broader market’s upward trend following a slowdown in March.
While technical indicators suggest positive short-term price movements, sustainable long-term growth will likely hinge on fundamental factors.