Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Is Now the Best Time to Buy SHIB?

cryptonews.com:

The Shiba Inu price has dropped by 1% in the past 24 hours, falling to $0.00000993 as the cryptocurrency market suffers a similar but smaller dip.

SHIB's price means it has dropped by 3% in the past week and by 11% in the last 30 days, while the meme token has gained by 22% since the beginning of the year, which is less than the gains enjoyed by bigger cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

However, in the past few days SHIB's 24-hour trading volume has risen above $100 million, indicating an increase in liquidity and volatility that may translate into further rises somewhere down the line.

And with Shiba Inu still awaiting the full public launch of layer-two network Shibarium, now may be the best time to buy SHIB, before it sees significant rallies.

To be completely honest, SHIB's chart suggests that it still has some more falling to do before it mounts a notable recovery.

SHIB's 30-day moving average (yellow) is very close to dropping below its 200-day average (blue), forming a 'death cross' that usually indicates further losses to come.

At the same time, the coin's relative strength index (purple) has been low ever since the middle of April, and may still have to drop towards, and below, 30 before things can pick up again.

This suspicion is strengthened by the fact that SHIB's support level has been dropping consistently over the past couple of weeks, implying that the coin's market isn't strong enough to resist further declines in the near term.

Having said that, the slight uptick in trading volume may lay the ground for a recovery of sorts in the next few days.

Despite recent losses, data from Whale Stats indicates that SHIB continues to be the most-traded ERC-20 token among whales, as well as the most