Shiba Inu Price Prediction as SHIB Drops 17% – What’s Going On?
SHIB has fallen by 17% overnight, with the Shiba Inu price slipping to $0.00003186 as the crypto market as a whole barely moves.
Despite this drop, $SHIB remains up by a whopping 130% in a week and by 260% in a month, with the meme token also sitting on a 190% gain in the last 12 months.This suggests that today’s loss is more of a temporary correction, with the coin’s overall trajectory remaining upwards.And with the promise of Ethereum ETFs potentially igniting an alt season, SHIB is likely to rally big again soon
It looks as though SHIB may fall further before it rights itself again, with its indicators beginning to show signs of a loss of momentum.
This is particularly the case with its relative strength index (purple), which has recently fallen from over 90 to 80 today, with the coin likely to continue dropping from an overbought position.
What SHIB’s RSI tells us is that the coin is falling because buyers have been taking profits, following the coin’s very aggressive rises over the past week or so. Yet its 30-day average (yellow) continues to climb at a steep angle, after a long period of flatlining.
Its 24-hour trading volume also continues to look healthy, standing at around $4.5 billion today.
That it had stood at only $140 million a couple of weeks ago provides some indication of how much hotter SHIB is now. Much of this volume has come from whales buying into the meme coin once again, while it’s also a product of the general exuberance that currently characterizes the cryptocurrency market.
Given that we’re still waiting for the next Bitcoin halving, as well as the potential acceptance of Ethereum ETFs.SHIB’s position looks even better in the context of steady improvements to the Shiba Inu ecosystem, which has witnessed numerous updates and launches in the past year.
As such, the Shiba Inu price should reach $0.000040 again in the next few weeks, before hitting $0.000050 towards the end of spring.
