Is Shiba Inu a "Strong Buy" at Its Current Price?

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.

SHIB/DOGE, SHIB/USDT by TradingView

Also Read: Is Shiba Inu the ‘Most Bullish’ Crypto Right Now?

Is this the time to accumulate Shiba Inu?

According to TradingView’s technicals, the SHIB/USDT pair is currently an attractive buy.

SHIB/USDT technicals by TradingView

Also Read: Expert Asks Shiba Inu, Dogecoin, Bonk Investors To Be ‘Especially Cautious’

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.

Source: Investing.com

Also Read: Whales Are ‘Moving’ Trillions of Shiba Inu Amid 52% Surge

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.

SHIB/USDT by TradingView

Also Read: Holder of 6.8T Shiba Inu Transfers Billions of Tokens to Coinbase, Binance US

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