Are Investors Eyeing New Highs?

The Shiba Inu price has jumped by 8.5% today, with its rise to $0.00000803 coming as the cryptocurrency market as a whole gains by a less impressive 1%.

This move means that SHIB has now risen by 19% in a week and by 10% in the last 30 days.

Although the meme token is actually down by 1% since the beginning of the year, in contrast to many other major tokens (e.g. BTC, ETH, XRP, SOL).

Yet this underperformance arguably puts the coin in a position where it could rebound strongly over the coming weeks, as suggested by today’s gains.

Shiba Inu Price Prediction as 10% 24-Hour Rise Sparks Optimism: Are Investors Eyeing New Highs?

With the Shiba Inu price surging, the coin’s indicators are heating up accordingly.

Its 30-day average (yellow) has begun rising upwards, yet what’s encouraging here is that it still has some way to go before it catches the 200-day average and before the coin becomes overbought.

SHIB’s relative strength index (purple) may suggest that the coin actually isn’t that far from peaking, given that the RSI has just passed 70.

This normally indicates overbought territory, yet the fact that it had been below 50 for two months probably means it could stay in an ‘overbought’ position for a while yet.

One thing that may be concerning for SHIB is that its support level had been declining in recent weeks.

The TD Sequential flashed a buy signal on $SHIB weekly chart. Notably, the previous two bullish turns from this indicator led to price surges of 118% and 71%, respectively.
Given the infrequency yet precision of such signals, it’s a pivotal moment to keep a keen eye on #SHIB. pic.twitter.com/yilwTPOVUF

— ةmomdoohosman (@momdooh1) October 26, 2023

However, this week’s surge is likely to lead to the meme token consolidating around a higher base, from which it could launch later surges.

Whether it continues to rally depends on the wider market, with Bitcoin ETF excitement serving to lift investor sentiment over the past few days.

The SEC isn’t likely to make a decision on any ETFs until January, yet if it does formally approve an application, the whole market is likely to rally.

Also, SHIB’s fundamentals remain relatively sound for a meme token, with this past summer seeing the launch of the Shibarium layer-two network.

#Shibarium Daily transactions are on the rise!
…This is just the beginning.😎 pic.twitter.com/nib9o2CxRF

— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) October 26, 2023

Shibarium has been attracting steadily growing usage over the past couple of months, with its daily transactions now passing 60,000.

At the same time, new projects are also launching on Shibarium, with the rollout of USDC-yielding meme token Sharbi happening this month.

$SHARBI launches on #Shibarium at 21:00 UTC tomorrow, Monday 16 October.

Here’s a super simple vid to guide you through the process to get involved.

The early bird catches the worm so get ready to get on board! 🚀#Meme2 #P2H #ShibariumUniversity pic.twitter.com/4t8b8IBAkj

— Wagmioshi (@wagmioshi) October 15, 2023

This highlights how Shibarium is attracting growing adoption, something which ultimately points to a rising Shiba Inu price over time.

High-Potential Altcoins

While SHIB looks relatively sound for a meme token, its progress may be gradual over the next few months.

Traders looking for quicker above-average gains may therefore prefer to look to newer meme tokens, with presale tokens in particular having the potential to rally strongly when listing on exchanges for the first time.

One such coin likely to do this is  TG.Casino (TGC), a decentralized casino platform that has raised $1.5 million since its presale opened around a month ago.

Can’t believe we’re already inching closer to $1.5 million on presale and 5k in the TG Community🤯

— TG Casino (@TGCasino_) October 26, 2023