3 Indicators Predicting a Potential Shiba Inu Price Boost

• Shiba Inu's Cryptocurrency Exhibits Potential for Price Surge
• Shiba Inu's Price and Key Technical Indicators
• Role of the Current Relative Strength Index (RSI)
• No Indications of Bearish Sentiment
• Extended Stay in the Bear Market
• Substantial Room for Upside

Shiba Inu's Cryptocurrency Exhibits Potential for Price Surge

A recent slight dip doesn't hamper the upbeat prospects of Shiba Inu$0.000010 -2.05%, the cryptocurrency inspired by a popular meme, as key technical indicators hint at a possibly significant price surge in the weeks to come. CoinMarketCap data reveals that the meme coin noted a minor pullback on Monday, dropping by approximately 3% to a $0.00001023 low. Nevertheless, a broader view shows that Shiba Inu has managed to hold onto most of the remarkable gains it accrued over the past 30 days.

Shiba Inu's Price and Key Technical Indicators

Despite the marginal drop in the price today, a scrutinized look at the key technical indicators suggests that Shiba Inu is primed for continued upward momentum in the short-term. Worth noting is the fact that the relative strength index (RSI), employed to evaluate whether an asset is overbought or oversold, is currently in the neutral zone for Shiba Inu based on market data. This is a notable departure from its earlier oversold levels.

Role of the Current Relative Strength Index (RSI)

The current RSI indicates that traders haven't pushed SHIB into an unsustainable overbought zone yet. This metric suggests the likelihood of more positive price movement in the future as there is still room for additional gains.

No Indications of Bearish Sentiment

Technical analysis platform, CoinCodex, cites the appearance of further bullish signals in the current collection of technical indicators for Shiba Inu, with 28 different technical analysis tools showcasing bullish market signals and none indicating bearish sentiments.

Extended Stay in the Bear Market

Interestingly, Shiba Inu sets itself apart as one cryptocurrency that is yet to partake in the ongoing bull market. While other major cryptocurrencies such as Solana$104 5.03%, Cardano, and Avalanche have seen surges of triple-digit percentages in 2023, Shiba Inu's gains are modest at just 27.4% year-to-date. Notably, SHIB remained range-bound for around 180 days last year without a decimal point break.

Substantial Room for Upside

Considering both the extended bearish phase previously and the presently overwhelmingly bullish technical indicators, analysts maintain high expectations that Shiba Inu, the dog-themed token, has significant potential for upside in its stride to catch up.

Edited by Jonathan Stoker