Shiba Inu has increased in value by more than 22% over the past week. In the same time frame, its competitor, Dogecoin, has only managed to rise by 5%. As a result, SHIB investors seem to be in a much more comfortable position at the moment.
With Shiba Inu outperforming Dogecoin, SHIB/DOGE is merely a few steps away from creating a record. From November 2022’s lows, this pair’s price is on the verge of registering a solid 100% inline.
Apart from showing strength against Dogecoin, even the SHIB/USDT pair recently flashed a bullish signal by breaking above the upper trend line of its descending channel. Using the same as support last week, SHIB went on to climb above $0.000015.
Furthermore, with the RSI hovering around 60, the market seemed to be amassing bullish momentum to drive up the asset’s price further.
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Is this the time to accumulate Shiba Inu?
According to TradingView’s technicals, the SHIB/USDT pair is currently an attractive buy.
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A detailed overview using Investing.com’s data suggested the same. Like depicted below, five technical indicators pointed towards “buy,” while only two were inclined towards sell. As a result, the overall signal favored bulls.
As far as the simple and exponential moving averages are concerned, ten out of twelve flashed a buy signal, while merely two [50 SMA and 20 EMA] gestured sell. Resultantly, SHIB was labelled to be a “strong buy” at press time on Monday.
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Despite the recent increase, Shiba Inu is still around 83.7% down from its October 2022 peak. Thus, for investors with the long term perspective, the current range presents itself as a good accumulation zone.
With a market cap of over $7.9 billion, the 12th-ranked asset was trading at $0.00001445 at press time.
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