The cryptocurrency market has once again drawn attention with an exciting surge in investor interest towards Shiba Inu (SHIB), triggered after Ethereum‘s founder Vitalik Buterin mentioned meme coins. This event has infused a new sense of optimism within the Shib Army, the unconditional supporters of SHIB, seemingly dispelling skepticism surrounding the meme coin’s profit potential for the time being.
Shiba Coin Commentary
The current market outlook and emerging technical analyses indicate that a potential rally for Shiba Inu could be more than just talk and may be closer than anticipated.
The outlook supporting Shiba Inu’s rise is gaining momentum and continues to reflect a growing confidence among investors. This trend, backed by solid technical indicators and market reviews, could be signaling a bright short-term future for SHIB.
The foundation of this bullish outlook for SHIB is not solely based on speculation. It also appears to be supported by a detailed examination of Shiba Inu’s market behavior and chart patterns.
One factor contributing to this optimistic view for SHIB was the RSI indicator. The Relative Strength Index (RSI) for SHIB jumped from below 50 to 70 within just an hour, indicating a strong buying pressure that supported the rise.
This bullish outlook is further reinforced by SHIB’s 30-day moving average trending upwards, indicating a growing expectation of a market rise. Overall, these fundamental technical indicators reinforce the confidence investors have in Shiba Inu, pointing to a potential positive development in the near future.
How Much is Shiba Worth Now?
As of Friday evening, Shiba Inu’s market performance seemed to be experiencing a slight decline. At the time of writing, SHIB is trading at $0.00003076, down by 2.49%.
On Thursday evening, SHIB was trading at $0.000032, which at that time indicated a 5.60% increase, highlighting the 17.43% rise experienced over the past week. It’s also worth noting that SHIB has seen a 186.01% increase over the last 30 days.
At the time of writing, SHIB is ranked 11th in volume on CoinMarketCap. SHIB seems to have regained its position over TON, which it had recently lost.
