KEY POINTS

  • Shiba Inu price continues to surge
  • SHIB's RSI now at 69
  • Shiba Inu teased about something happening on Valentines Day

Shiba Inu is on a sharp uptrend in a recovering cryptocurrency market after the meme coin slumped after making a pennant pattern. Adding to the upbeat mood among SHIB fans is the development team, which has shown relentless effort to bring value to fans and investors, and which now appears to be preparing something big for Valentine's Day.

SHIB continues to soar with its Relative Strength Index (RSI) now at 69. This shows that a lot of buyers have entered the market, pushing the cryptocurrency higher.

RSI is a technical indicator used in analyzing financial markets and designed to chart the historical and current strength or weakness of a stock or crypto based on the closing prices of a particular trading period.

Shiba Inu -crypto
Shiba Inu token. Shiba Inu -Twitter

What Shiba Inu's RSI means is that the meme coin is now on the border of the oversold region, with analysts predicting that it can climb and may continue to see bullish movement. SHIB was up 16.80% at $0.00003284 Monday afternoon and is up 21.1% at $0.00003402 at 2 a.m. ET Tuesday, as per Coinmarketcap data. While none of the meme coin's underlying technicals or fundamentals have changed, analysts believe the short-term driver for this bullishness is investor sentiment.

Meanwhile, the official Twitter handle of Shiba Inu teased about something that would excites fans Tuesday morning.

"Hey @coinbase send us a DM. Valentine's Day is approaching and we have a pending "match" (emoji face throwing a kiss u + me = emoji winking face," the tweet read. Unfortunately, the Twitter handle did not provide any other details, leaving it to the fanbase to speculate what is coming.

Some believe SHIB's price hike could be due to the upcoming massive SHIB burn event scheduled Feb. 14. On Sunday, Bigger Entertainment CEO Steven Cooper hyped the upcoming Valentine's Day event as going to be the "largest burn party" yet.

Bigger Entertainment is a crypto record label and is known to burn SHIB tokens en masse. "Alright #shibarmy. If we sell 1,200 more tickets this becomes the largest burn party we've had yet. If you haven't pitched in yet, get your tickets today. All #shib will be burned live on YouTube Feb. 14th at 2pm CST," the tweet read.

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