The price of Shiba Inu (SHIB) has tiptoed upward by half a percent in the past day, with a value of $0.00000692, despite the broader crypto market witnessing a slight dip. Despite its week and month declines of 5% and 6% respectively, and experiencing a year-to-date loss of 14.5%, SHIB still shows promise in light of its October performance, having grown 822% in the same month in 2021. Could we witness a similar surge in 2021? Only time will tell. SHIB has consistently appeared oversold since mid-August, as demonstrated by its languishing relative strength index. Could this overselling provide traction for an impending recovery rally?
On the darker side, SHIB has faced stiff resistance with their 30-day moving average staying under the 200-day trend since May, an indication that its upturn is due. However, falling support levels suggest the coin hasn’t found its floor yet, translating to lukewarm interest from buyers. Critics might argue that this shows a lack of buyer confidence in SHIB, but SHIB enthusiasts could look at this as a manifestation of a broader bearish market sentiment.
The question now is whether SHIB’s well-performing history in October can promise similar growth this time. Although historical data points to SHIB having strong Octobers, with even a modest 10% rise in 31 days in October 2022, relying on the past to predict the future is a gamble. Especially considering that SHIB’s high growth in October 2021 came when it was still a low market-cap beast with a lot of room grow, contrary to the present scenario.
While SHIB is poised for an upcoming rebound, it isn’t the only cryptocurrency exciting market analysts. The newly minted Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform, holds considerable potential after it raised about $900,000 in its initial September presale. This cloud mining platform lets coin holders earn mined Bitcoin by staking their BTCMTX tokens. By converting these staked tokens to tokenized mining credits, users can buy hash-power on the Bitcoin blockchain. Further sweetening this offer is the fact that token holders can earn additional BTCMTX by staking, magnifying their profits.
However, we must remind our readers that crypto investments entail high risk. While these forecasts may seem promising, consider all factors before putting in your hard-earned money.
Source: Cryptonews
