Shiba Inu Price Prediction as SHIB Rests on 0.00000776 Level – Are Bulls Preparing for the Next Leg Up?
The price of Shiba Inu (SHIB) has barely moved in the past 24 hours, with its current level of $0.00000775 representing a 3% gain in the last seven days.
The meme token is also up by 7.5% in the last 30 days, yet it disappointingly remains down by 4% since the beginning of the year, even though such cryptocurrencies as Bitcoin (BTC) and Ethereum (ETH) are up by 81% and 60% over the same period.
SHIB's lacklustre performance this year has come amid frustration regarding delays in rolling out Shibarium, which is Shiba Inu's very own layer-two network.
However, once Shibarium does arrive it's likely to boost SHIB considerably, with the related launch of Shibacals (NFTs) also likely to help the coin's price.
While SHIB was one of many cryptocurrencies to benefit last week from Ripple's victory against the SEC, it has since calmed down.
This is reflected in its indicators, with the coin's relative strength index (purple) sinking from 50, in a move that suggests a weakening of demand and the potential for further losses.
Likewise, SHIB's 30-day moving average (yellow) is slipping towards its 200-day (blue), with the possibility of a death cross also something that would signal more falls.
On the other hand, it's reassuring to note that SHIB's support level (green) has risen over the past week, implying that any additional losses may not be substantial.
Turning to fundamentals, SHIB has been hampered in recent weeks by the ongoing wait for Shibarium, a layer-two network that has already launched in beta, but which is repeatedly seeing its full launch pushed back.
This has hurt SHIB's price, with the market forming that impression that there may be issues with Shibarium, even if nothing major has been reported.
The latest expectation is
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