The price of Shiba Inu (SHIB) has dropped by 2% today, falling to $0.00000742 as the wider market slips by 1% in the past 24 hours.
Despite today’s loss, SHIB remains up by 7.5% in a week, helped along by growing expectations of Bitcoin ETF approvals, which this week have lifted the market as a whole.
Yet SHIB is up by only 2% in a month and is actually down by 8% since the beginning of the year, which has seen the meme token underperform despite positive news, including the launch of layer-two network Shibarium.
However, this underperformance arguably sets SHIB up nicely for a big bounce back in the coming weeks, with the meme coin potentially on course to have a strong end to the year.
Shiba Inu Price Prediction as SHIB Hints at Potential Upward Explosion – Are Bulls Taking Over?
Having spent the past few weeks and months being oversold, SHIB is now in a great position for a very strong rebound, as highlighted by its rally of the past couple of days.
Its relative strength index (purple) has risen from 40 a week ago to around 60 today, indicating steadily rising momentum that still has plenty of room to intensify further before the meme token becomes overbought.
Likewise, SHIB’s 30-day exponential moving average (yellow) has very recently stopped falling further below its 200-day average (blue), with the implication being that it may have just begun the long process of rising towards the longer term average.
This would signal sustained increases over the coming days, and while SHIB’s medium-term support level (green) has declined consistently since the middle of August, the meme coin may consolidate the gains of the past few days into a higher base level.
As such, now may be one of the best times in recent weeks to buy SHIB, in that the latter remains highly undervalued but is finally starting to regain some real momentum.
Such momentum is also indicated by the coin’s 24-hour trading volume, which has risen from $60 million to $300 million in the past week or so.
It’s also worth pointing out that the past few days have witnessed a number of large SHIB transactions, potentially representing over-the-counter sales between whales.
Regardless of the specific nature of this transactions, their occurrence is another indication that the market is becoming increasingly interested in SHIB once again, with the meme coin potentially set to see further rallies in the very near future.
And in terms of fundamentals, SHIB is arguably in a much better position than Dogecoin, for instance, given that the summer’s launch of Shibarium is likely to result in growth for the Shiba Inu ecosystem in the long term.
Indeed, the layer-two network has now processing over 30,000 transactions per day, indicating steadily rising adoption.
Based on all this, SHIB can be expected to return to $0.000010 in the next few weeks, with a strong end to 2023 possibly taking it as high as $0.000020.
Higher Potential Meme Tokens
Because SHIB still remains a little uncertain in terms of how strongly it could recover from recent losses, many traders may prefer to look towards newer coins for market-beating gains, with a variety of presale tokens looking especially promising at the moment.
One good example of this is Meme Kombat (MK), an Ethereum-based platform that has raised close to $700,000 since launching its presale a few weeks ago.
Its clear that the appeal of Meme Kombat lies with its unique concept, which will see users able to bet on the results of AI-generated battles between popular meme characters.
The potential popularity of Meme Kombat as a platform has been underlined by the fact that it has already accumulated 3,000 members for its Telegram channel, with this number still growing strong with each passing day.
This will provide Meme Kombat with a strong community of investors and users, who will be able to stake MK tokens in order to bet on meme battles, and who will be able to earn MK as rewards for betting correctly.
As a token, MK will have a hard cap of 120 million, with 50% of this being allocated to the presale and another 30% going to battle and staking rewards.
New investors can join the sale by visiting Meme Kombat’s official website, where 1 MK costs $0.1667.
This price will rise to $0.1883 on November 2, giving investors only a limited window of opportuniy in which to buy the promising new token at its lowest price.
And from there, the token will list on exchanges towards the end of the year, with Meme Kombat’s platform launching at the same time.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.