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Shiba Inu Price Prediction as SHIB Bounces 4% From Recent Bottom – Is The Sell-Off Over?

today 10/16/2023
The price of Shiba Inu (SHIB) has increased by 1.5% in the past 24 hours, reaching $0.00000712. This marks a 4% jump from its lowest point in the past seven days. Although SHIB has seen a 2.5% increase in the past week, it remains down by 4.5% in a month and 12% since the beginning of the year. However, the recent bounce in price suggests that the worst may be over, and buyers may be interested in taking advantage of the discounted price. SHIB has been weak and oversold for a while, indicating that a recovery may be imminent. The relative strength index has risen sharply in the past few days, signaling increased buying momentum. While the 30-day exponential moving average has not started rising yet, the descent below the coin's 200-day average seems to have stopped, indicating a potential rise in price. The support level has also increased, suggesting that more traders are buying at lower prices. The market may start heating up again soon, as shown by a large transfer of over $32 million in SHIB today. Despite no fundamental reasons for a rebound or rally, Shiba Inu has made progress in providing utility to its ecosystem. The launch of Shibarium, a layer-two network, has shown potential, and with other dapps, the ecosystem could grow in size and importance. This growth could lead to a rising price for SHIB, with predictions of reaching $0.0000080 in the next few weeks and $0.000010 by the end of the year. While SHIB's progress may depend on the overall bullishness of the cryptocurrency market, presale tokens like Meme Kombat have provided opportunities for market-beating gains. Meme Kombat is an Ethereum-based platform that allows users to bet on AI-generated battles between meme characters. The sale for Meme Kombat's native MK token has raised over $500,000 in less than a month, indicating investor belief in the platform's growth and token appreciation. Meme Kombat's unique offering and ability to stake MK have contributed to its success. Once it lists on exchanges later in the year, MK has the potential to rally strongly. However, it's important to note that cryptocurrency is a high-risk asset class, and this article does not constitute investment advice.
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