Three Signs Shiba Inu (SHIB) Prices May Rise

Shiba Inu, the cryptocurrency inspired by the popular meme, fell slightly at the start of the week but is showing signs that the price could rise sharply in the coming weeks, according to key technical indicators.

After surging over the past week, Shiba Inu experienced a slight correction on Monday, falling around 3% to a low of $0.00001023, according to CoinMarketCap. Zooming out, however, the Shiba still retains most of the substantial gains made over the past 30 days.

Crucially, while prices may be down slightly today, analysis of key technical indicators suggests the Shiba Inu has plenty of room to continue its upward trajectory in the near term.

Relative Strength Index is in “neutral” territory

The Relative Strength Index (RSI), a momentum indicator that measures whether an asset is overbought or oversold, is currently in the middle "neutral" zone for the Shiba Inu, according to market data. This is a marked departure from previous oversold levels.

The current RSI suggests that cryptocurrency traders may not have pushed SHIB into unsustainable overbought territory just yet. The indicator hints that further favorable price action may be in store in the coming days, as there is still plenty of scope for further gains.

No sign of bearish sentiment

Analytics platform CoinCodex cited further bullish signals emerging from a range of technical indicators currently tracking the Shiba Inu. Their assessment shows that 28 different technical analysis tools are showing bullish market signals, while 0 different technical analysis tools are showing bearish signals.

Long term bear market

Shiba Inu is one cryptocurrency that has yet to join the current bull run. While major cryptocurrencies such as Solana, Cardano, and Avalanche have all seen triple-digit percentage surges in 2023, Shiba Inu is up just 27.4% year-to-date.

Looking back at previous bearish price action, last year SHIB remained range-bound for nearly 180 days without breaking out of the decimal point.

Analysts still have high expectations for the dog-themed coin to have significant upside, given the previous ongoing bear market and the current overwhelmingly bullish technical indicators.