Shiba Inu (SHIB) Makes Unexpected Move, And It Might Be Bullish
Despite rising today, SHIB continues to look fairly weak as far as its indicators are concerned, although this could be taken as a sign that the meme token is ripe for a strong rebound.
Most notably, its relative strength index (purple) has risen this morning yet still remains below 50, which could mean that it doesn't have enough momentum to go much further, or it could mean that it's only just getting started.
the state of the overall market may help to support SHIB for the next few weeks, with investors buoyed on a couple of counts today.
For one, Ripple has celebrated the fact that the SEC has effectively dropped its case against the cryptocurrency firm, with the two parties looking increasingly set for a full settlement.
Secondly, today will bring news on Grayscale and its Bitcoin ETF application, with the market increasingly expecting positive developments.
Taken together, such events have provided the market with a more positive outlook, something which will benefit SHIB as well as many other coins.
And SHIB has certainly been oversold in recent months, setting it up for what could be a big recovery once the market becomes more bullish.
It could return to $0.0000080 in the next week or so, before returning to $0.000010 by December.
