Shiba Inu Set for a 14.92% Surge: Key Indicators Signal Recovery

Shiba Inu’s extended downtrend may be nearing an end, as the meme coin shows potential for significant gains. After reaching a high of $0.000045 in March, Shiba Inu has faced months of decline, hitting a low of $0.00001075 on August 5. The coin has since rebounded to $0.00001337, though many investors remain unsatisfied with its recent performance.

14.92% Price Increase Expected

Despite the sluggish recovery, Shiba Inu’s technical indicators suggest a shift is underway. Two key metrics have turned bullish, signaling a potential price rise. The Moving Average Convergence Divergence (MACD) indicator shows positive momentum, with the histogram bar above neutral turning green.

Similarly, Shiba Inu’s Relative Strength Index (RSI) has moved closer to the neutral 50 level, now sitting at 45, indicating that a double-digit gain could be on the horizon.

If this momentum holds, Shiba Inu could rally to $0.00001525, representing a 14.92% increase from its current price of $0.00001337. Such a surge would bring the coin closer to last month’s high of $0.00001610.

Developer Activity Boosts Shibarium

In addition to technical factors, increased developer activity on Shibarium, Shiba Inu’s Layer 2 network, may support further gains. The recent launch of the Shibarium development portal, ShibDev, has attracted a significant influx of developers, leading to a rise in the number of deployed contracts.

On September 5, developers deployed 34 contracts on Shibarium, close to the 3-month peak of 36 contracts from July 25. As more developers create decentralized applications (dApps) on Shibarium, SHIB burns could intensify, adding further upward pressure on the price. Data from Santiment shows Shiba Inu’s Market Value to Realized Value (MVRV) ratio at -2.067% over the past 30 days, indicating that the coin remains undervalued.

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Additionally, Shiba Inu’s Network Realized Profit/Loss metric reveals that traders have incurred losses during this period, evident from negative spikes in the chart, largely due to long position liquidations.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.