Shiba Inu Price Prediction as SHIB Becomes 14th Largest Cryptocurrency in the World – Time to Buy?

cryptonews.com:

Shiba Inu (SHIB) has become the 14th-biggest cryptocurrency by market cap, overtaking Avalanche (AVAX) as its price moved to a 24-hour high of $0.00001166 earlier this morning.

SHIB's movements today make for a 3.5% gain in the past week and a 7.5% rise in the last 30 days, with the meme token having increased by 43% since the opening of 2023.

This consolidation sets the coin up nicely for further gains in the coming months, especially when it remains relatively undervalued compared to other similarly sized tokens.

And with Shiba Inu also awaiting the full public launch of layer-two network Shibarium (and not to mention SHIB: The Metaverse), now may be the ideal time to purchase the token before it witnesses major rallies later in the year.

SHIB's chart is in a very good position, with the coin breaking through a number of resistance levels in the past few weeks, something which suggests further gains.

Further gains are also suggested by SHIB's 30-day moving average (yellow), which recently began rising further above its 200-day average (blue), suggesting that it could be in the middle of a period of upwards consolidation.

Similarly, its relative strength index (purple) has risen consistently since reaching a low of 30 in early March, and there's still plenty of room for it to continue rising with the coin becoming overbought.

As such, it's reasonable to expect SHIB to make more gains in the near term before running out of steam, with the coin potentially looking at a short-term target of $0.000012.

Helping it to reach (and possibly surpass) this level is Shibarium, Shiba Inu's layer-two network which launched in beta last month and which can expect a full public launch in the coming weeks.

Data suggests that Shibarium's beta has