Shiba Inu Price Prediction as $250 Million Trading Volume Shoots SHIB Up 16% in a Week – Here's Where SHIB is Heading Now
The price of Shiba Inu (SHIB) has dropped by 4% in the past 24 hours, yet it remains one of the best-performing major cryptocurrencies of the week, having gained by 16% in seven days.
At $0.00000784, it's down by 19% in the past month and by 3% since the beginning of the year, yet such falls arguably make it a very undervalued coin right now, one with good potential for future gains.
And with developers recently revealing Shiba Inu's own series of physical NFTs, Shibacals, the price of SHIB could easily witness some big gains in the near future.
This is particularly the case when layer-two network Shibarium is also expected to have its full launch in the not-too distant future, providing Shiba Inu with more utility than it's ever had before.
SHIB's chart shows the meme token in a very healthy position, even with its dip today.
The coin's relative strength index (purple) remains above 60, indicating the continued presence of positive buying momentum that could resume pushing its price upwards again very soon.
Likewise, SHIB's 30-day moving average (yellow) has begun climbing steeply, and isn't too far away from its 200-day average (blue), with a crossover signalling further incoming gains.
The coin has also held fast to a higher support level of $0.00000780 in the past couple of days, suggesting that it won't be returning to the prices (of between $0.0000060 and $0.0000070) it witnessed more than a week ago.
As such, there's good reason to believe that SHIB will make it back up to $0.0000080 and beyond in the next few days, especially when it had gathered so much momentum in the past few days.
The main cause of this momentum has been the market's general recovery this week, on the one hand, and also the unveiling of Shibacals, on
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