Shiba Inu Price Prediction as SHIB Spikes Up 4% – Is a New Rally Starting?

Shiba Inu Price Prediction as SHIB Spikes Up 4% – Is a New Rally Starting?

14 Mar 2023

By Simon Chandler | @simon-chandler

The price of Shiba Inu has risen by 4% in the past 24 hours as the cryptocurrency market recovers from the weekend's selloff and benefits from fears over the banking system.

At $0.00001099, SHIB remains down by 1.5% in a week and by 15% in the last 30 days, although the meme token has risen by 35% since the beginning of the year.

SHIB continues to be one of the most traded ERC-20 tokens in the market, according to the latest data from WhaleStats, while also accounting for the biggest holdings (in dollar terms) among large investors.

And with Shiba Inu still awaiting the launch of the Shibarium layer-two network, there are plenty of reasons to suspect that further rallies are incoming, especially if the apparent banking crisis ends up encouraging investors to turn to crypto.

Shiba Inu Price Prediction as SHIB Spikes Up 4% – Is a New Rally Starting?

SHIB's indicators suggest that its current rally could last for a few more days, with its relative strength index (purple) jumping from 30 to just over 40.

That the RSI has risen from an oversold position suggests that today's rally may continue throughout this week, a suspicion supported by the fact that SHIB's price is yet to rise above its 30-day moving average (red).

It's likely that if SHIB can break through the $0.000015 resistance level, it may rise even higher, with the coin eyeing the $0.00001250 level it had at the beginning of March.