Shiba Inu Price Prediction as $200 Million Trading Volume Comes In – Here's the Next SHIB Price Target

cryptonews.com:

The Shiba Inu price has inched up to $0.00001237 today, representing a 0.5% rise in the past 24 hours. This also represents a 5% loss in a week and a 2% gain in the last 30 days, with SHIB up by 53% since the beginning of the year.

However, with the meme token seeing its 24-hour trading volume climb back up to $200 million in the past few days, bigger movements could be on the horizon. This is made likelier by Shibarium, the layer-two network for Shiba Inu that's due to launch this month.

SHIB's indicators look as though they point to losses rather than more gains at the moment. For instance, its relative strength index (purple) has dropped down from 70-plus to just under 50 in the past few weeks, and could continue falling, bringing down its price.

Additionally, SHIB's 30-day moving average (red) has slowed its rise above its 200-day average (blue), and could begin a reversal downwards in the next few days. Of course, good news could push it further beyond the longer term average, yet if nothing happens for a while, you'd expect SHIB to cool down.

Indeed, SHIB has fallen through a few support levels in the past couple of weeks, breaching $0.000013 and then $0.0000125. At the moment, there's nothing to stop it from falling below $0.000012, assuming that the aforementioned launched of Shibarium continues to be delayed.

However, when Shibarium does launch its beta this month, there's little doubt that SHIB will experience a significant rally. This is not only because it will ultimately boost usage of Shiba Inu, but also because it will introduce the burning of SHIB tokens on a regular basis.

This will come in the form of the burning of transaction fees, with a portion of the BONE collected as fees being converted into SHIB,