Shiba Inu Price Prediction as SHIB Outperforms the Market – Time to Buy?
The price of Shiba Inu (SHIB) has gained by a healthy 3.5% in the past 24 hours, with its move to $0.00000827 coming as the cryptocurrency market as a whole dips very slightly today, by 0.2%.
SHIB remains down by 16% in the past week, with its rally today coming as a much-needed correction to recent negativity and overselling, although the coin has risen by 4% in the last 30 days.
Such inconsistent behavior has largely arisen because of the botched initial launch of layer-two network Shibarium, but with the latter ready to be relaunched today, SHIB has already begun the process of recovery.
It's clear that, after a few days of falling, SHIB is regaining some momentum and could be in line for further gains.
The coin's 30-day moving average (yellow) has begun rising towards its 200-day average (blue), suggesting an incoming golden cross that can signal breakouts.
This move is being accompanied by a recovery for SHIB's relative strength index (purple), which after sliding to 40 over the weekend has begun picking up again, with plenty of room to rise further before the coin becomes overbought.
It's also encouraging to observe that SHIB's support level (green) has held up and looks ready to begin climbing again, implying that it has indeed bottomed out after recent falls.
As mentioned above, the meme token had been undermined by Shibarium's difficult launch, which involved more than $1 million lost on cross-chain bridges and outages.
However, a blog post from yesterday has revealed that a newly updated and more secure version of Shibarium is ready to go live, a version that has addressed the issues affecting the layer-two network in its initial launch.
This is the cause of SHIB's outperformance of the market today, and if the
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