Shiba Inu, the popular meme-inspired cryptocurrency, has seen a slight dip to start the week but shows signs of a potentially significant price surge in the coming weeks based on key technical indicators.
After surging over the past week, Shiba Inu experienced a small pullback on Monday, declining around 3% to a low of $0.00001023, according to CoinMarketCap data. However, zooming out, Shiba Inu still retains most of the substantial gains made during the last 30 days.
Crucially, while the price may have dipped slightly today, analysis of key technical indicators suggests Shiba Inu has ample room to continue its upward trajectory in the short term.
Relative Strength Index in “neutral” zone
The relative strength index (RSI), a momentum indicator used to gauge whether an asset is overbought or oversold, currently sits in the middle “neutral” zone for Shiba Inu based on market data. This differs notably from its previous oversold levels.
The current RSI indicates crypto traders likely have not pushed SHIB into unsustainable overbought territory yet. This metric hints that further favorable price movement may emerge in the coming days as more room remains for additional gains.
No signs of bearish sentiment
Analysis platform CoinCodex cited further bullish signals emerging from the current array of technical indicators tracking Shiba Inu. Their assessment showed 28 different technical analysis tools displaying bullish market signals, while zero showed bearish signs.
Prolonged stay in bear market
Shiba Inu stands out as one cryptocurrency yet to join in on the currently unfolding bull market. While major cryptocurrencies like Solana, Cardano, and Avalanche have all seen triple-digit percentage surges in 2023, Shiba Inu’s gains sit at just 27.4% year-to-date.
Recalling previous bearish price action, SHIB notably remained rangebound for nearly 180 days last year without breaking a decimal point.
Given both the extended previous bears and current overwhelmingly bullish technical indicators, expectations remain high amongst analysts that this dog-themed token has substantial room for upside in catching up.