•The price of the Shiba Inu coin (Shiba Inu-SHIB) increased today by 1.5%, recording $0.000009628, amid an increase in the prices of the total value of the entire crypto sector by the same rate during the past twenty-four hours, so that the price of the currency stabilized at a weekly decline of 1.5%; However, the value of this well-established meme coin is still up by 5% compared to the last two weeks and by 12.5% compared to its price 30 days ago.
•Given the failure of the SHIB coin to achieve gains over the past year - as its value declined by 25% in 12 months compared to its current price - this coin is still undervalued, which may represent an attractive factor that can entice investors to buy it, and the SHIB coin is likely to move forward towards... A remarkable and imminent upward price rebound is achieved.
•The Shiba Inu has regained some momentum recently; Although its value has declined slightly over the past two days, its price is likely to continue to perform well, as the 30-day moving average indicator (represented in yellow) continues to rise above its 200-day counterpart (represented in blue) after a period of decline. , which heralds the price regaining some momentum; This momentum is likely to continue for a period of time.
•Source: TradingView Meanwhile, the Relative Strength Index (RSI) reading - represented in purple - has risen from 40 on February 6 to around 55 today, which makes it likely that the currency price will continue its upward path, and this possibility is reinforced by the medium-term support level ( Represented in green), it has continued to rise steadily since the end of 2023, which also heralds the possibility of price increases over the next few months.
•Another positive indicator is that the daily trading volume of the SHIB coin has increased significantly since the beginning of this month, rising from approximately $65 million at the beginning of February to $230 million today. However, the trading volume of the SHIB coin is still very far from the levels recorded in December. Last December, approximately $750 million.
•While the recent rise enhances the possibility of a continued recovery in the price of the SHIB currency, it remains one of the currencies that went through periods of overselling and is currently valued at much less than its real value, as we mentioned previously.
•What is interesting is that some whales (major dealers in the sector) have purchased this currency in large quantities in recent weeks, which indicates their preference for an increase in the price of the SHIB currency. Compared to other meme currencies, the Shiba Inu system has relatively good financial and technical foundations, which were recently strengthened by the launch of the second-layer solution Shibarium network last summer. Decentralized identity tools are also being developed in the Shiba Inu technical system, in addition to the upcoming launch of the virtual world ( Its metaverse, these developments reinforce optimistic expectations for the future of the SHIB currency, as its value is likely to rise in conjunction with the general rises in the prices of all assets in the sector.
