Shiba Inu Price Prediction as SHIB Becomes Best Performing Coin of the Week – Can SHIB Hit $1?

cryptonews.com:

The price of Shiba Inu (SHIB) has barely changed in the past 24 hours, inching up by 0.3% as the cryptocurrency market slides slightly by 0.5%.

Despite not moving much today, SHIB is actually one of the best-performing cryptocurrencies of the past week, having gained by 10% in the last seven days.

This rally has happened on the back of increased anticipation surrounding Shiba Inu's layer-two network Shibarium, with one of the network's lead developers tweeting a cryptic "something physical is coming" tweet last week.

Assuming that Shibarium's full launch is getting closer, SHIB could be in for some big gains, with the altcoin having been oversold for several months now.

SHIB's indicators reflect an altcoin that's beginning to accumulate some serious momentum, with its relative strength index (purple) rising close to 70 today, as buyers enter its market.

Likewise, SHIB's 30-day moving average (yellow) has begun rising and looks as though it's on its way to overtake its 200-day average (blue), implying that the coin has several days of gains left before its current momentum begins to subside.

Complementing this momentum is SHIB's support level (green), which continues to rise and, in the process, enable the coin to attempt jumps in price from increasingly higher bases.

This all paints a very encouraging picture for the altcoin, which had spent much of the past few weeks and months suffering from losses and selloffs, as investors became frustrated waiting for progress on the aforemention Shibarium network.

However, now it does indeed seem that Shibarium – which is already live in beta form – is inching closer to a full public launch.

This possibility has been raised by the above tweet from Shibarium/Shiba Inu developer 'Shytoshi