
Shiba Inu traders are in FOMO with the Shibarium launch but it might not be the best time to buy SHIB yet.
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Metaverse craze, token burning events, and increasing merchant adoption have made Shiba Inu outperform Dogecoin so far this month.
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One analyst suggests shorting the ongoing SHIB price rally brings “excellent opportunities.”
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The upside move in the Shiba Inu instruments also comes in the wake of broader price rebound across leading crypto assets, including Bitcoin.
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Conflicted technical setups emerge in the wake of Shiba Inu’s latest price decline with price targets sitting at as high as $0.0001.
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The meme cryptocurrency hints at undergoing a price rebound as its paints a classic bullish continuation setup.
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The humongous bull run appeared in sync with similar price rallies across Dogecoin-inspired joke cryptocurrencies, notably Shiba Inu.
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The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market cap.
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In comparison, Dogecoin’s October gains so far came out to be a little over 8%.
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Shiba Inu’s massive gains all across October may pare on potential bearish divergence signals and an overvalued relative strength index.
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