Shiba Inu (SHIB) is showing signs of an uptrend that could see its price rise by around 12%. The daily chart reveals a continuous uptrend supported by a series of higher lows and higher highs on the Shiba Inu daily chart, which is an indicator of bullish momentum.
Recent price movements have followed a pattern that points to further growth and suggests that SHIB may be on the verge of reaching a new high. Technical analysis reveals that SHIB is currently in a solid uptrend and its price is trading above the 50-day and 100-day moving averages, which act as dynamic support levels. This alignment typically indicates the presence of a strong uptrend in the market, supporting the current price and providing a launching pad for further increases.
Koinfinans.com As we reported, the relative Strength Index (RSI) remains at a stable level, neither overbought nor oversold. This stability in the RSI shows that SHIB has room to grow without the risk of a major sell-off due to overvaluation.
Looking at the volume profile, there is a noticeable increase in trading activity during uptrends. This points to increased investor interest and potential accumulation phases. Volume often precedes price, and increased buying pressure can herald a significant price increase.
In addition, crypto- community is abuzz with headlines supporting investor sentiment around the Shiba Inu. There are a number of positive developments adding to the excitement, from the token’s increased burn rate reducing supply to its growing ecosystem and the prospects of SHIB’s own blockchain, Shibarium.
If SHIB maintains its current trajectory and market conditions remain favorable, it is possible for it to achieve a 12% increase from its current position. However, it is important to remember that meme coins are notoriously volatile and while the signs are promising, the asset should be approached with caution.