Shiba Inu Price Prediction as Shibarium’s Shib Name Service Launch Nears: Is a Price Surge Expected?
The Shiba Inu price has moved to $0.00000783 today, marking a 3% gain in 24 hours as the cryptocurrency market as a whole rises by 1%.
While SHIB is actually down by 1.5% in a week, it has now risen by 16% in a fortnight and by 7% in a month.
And with Shiba Inu developers launching the token’s very own name and identity service this week, SHIB could enjoy further rallies in the coming days.
SHIB’s indicators are in a mixed position, with a fall more or less as likely as another rise at the moment.
On the one hand, the meme token’s RSI has just dropped below 60 and could be on its way to 50 or lower, having peaked close to 70 a week ago.
On the other hand, SHIB’s 30-day average (yellow) continues to rise towards its 200-day average (blue), while its current price has surged beyond the 30-day.
These two latter signals would suggest that more gains are likely to come before SHIB’s momentum of the past week or so peters out.
The coin’s support level (green) reinforces this view, given that it’s rising strongly and forming a pennant with its resistance level (red).
It will therefore be instructive to see whether SHIB can crack the $0.0000080 resistance.
If it does, a breakout may arise, with the meme token potentially gaining enough momentum to reach $0.0000090 in the next couple of weeks.
Another encouraging sign is the coin’s 24-hour trading volume, which remains elevated at above $200 million, compared to as low as $50 million at the start of October.
Fundamentals are also playing a role for SHIB right now, given that Shiba Inu has just launched its own name service.
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