Meme cryptocurrencies have a unique strength, and that is sudden buying rallies. Once a trend or pattern hits the market, buyers keep flooding the trading systems, taking the cryptocurrency prices either sky high or under the floor. Thus, sudden rallies and profit bookings are part and parcel of meme-based cryptocurrencies.
Shiba Inu has jumped six places in the last six days and now holds the 15th position in terms of market capitalization. Shiba Inu is now worth around $11.75 billion with some break on its uptrend price momentum. The buying action has also slowed in the last few hours, but there is always a greater chance of sudden trend reversals taking Shiba above a decimal place closer to the $1 mark.
Shiba Inu Price Analysis
Shiba Inu has shown tremendous strength and buying action, only slowing down a little today because of some minor profit booking. Comparing today’s movement to yesterday, Shiba Inu marked an 18% intraday gain on a closing basis.
Shiba Inu broke out of its smaller trading range on October 04, leading to a 57% intraday gain which wasn’t seen in significant cryptocurrencies for a long time. Shiba continued to move to new highs following the buying trend and peaked at $0.00003535 before facing some profit booking. But the profit booking was negated by yesterday’s massive 18% gains. This price action clarifies that cryptocurrencies can move in a highly volatile trend.
RSI has jumped to overbought zones, and the MACD indicators are indicating the same. So, based on our SHIB price prediction, while there has been a visible dip in buying sentiment, it shouldn’t be considered a reversal signal.