The mainstream canine meme coin Shiba Inu (SHIB) just tacked on a new monthly high of $0.0000100, erasing the fifth zero after a two-month hiatus. Right now, the meme asset has backtracked to $0.00000935, scoring an approximate 300% upswing in trading volume.
Trading Volume Up 300%; Will Price Follow Suit?
Presently at $433,237,635, Shiba Inu’s trading volume on Spot markets suggests a renewed interest in trading the meme coin, while the technical setup promises a swing at yearly peaks. According to seasoned market analyst Javon Marks, Shiba Inu’s price is bound for a 246% upswing due to the bullish divergence established on the meme coin’s two-day charts.
For the run towards the $0.000032 yearly peak, the Relative Strength Index divergence has to play out. Simply put, Shiba Inu’s price printed higher lows during downturns, eventually breaking out of the descending triangle. The pundit’s chart suggests a support floor at $0.0000085 – $0.0000088. As trading volume towers, is Shiba Inu (SHIB) still oversold?
RSI Gives Out Mixed Vibes On SHIB’s Trajectory
To estimate whether an asset is oversold or overbought, traders employ the Relative Strength Index (RSI) & the Stochastic Relative Strength Index (StochRSI). To create the bullish RSI divergence, Shiba Inu’s price needs to be printing higher lows amidst downturns while deepening the ‘under-valued’ price status which typically suggests a starting bullish trend.
While the StochRSI strengthens the theory of Shiba Inu’s price being in oversold territory, the Regular RSI is significantly overbought. Thus, the Shiba Inu price charts on Coinbase hint at indecisive market moves for retail, while crypto whales also don’t share a unanimous sentiment.
Judging from the Chaikin Money Flow (CMF) dwelling at status quo, the zero-level CMF index constitutes big-time crypto player indecision on whether to buy or sell Shiba Inu (SHIB) at the current price range, awaiting new geopolitical developments that has the potential to rattle the markets.
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People Also Ask:
Price hits lower lows on weekly chart, but RSI forms higher lows—classic reversal signal amid descending wedge.
Breakout above wedge resistance projects to $0.000032, a 246% jump from current ~$0.0000093 levels.
Yes, recent candle closes above upper trend-line, following divergence: Shiba Inu coin’s momentum shifts bullish.
No, technical analysis signals hype but volatility rules—needs volume confirmation and broader market support.
