Shiba Inu Price Forecast: SHIB Shows Promising Rebound from Recent Low - Has Sell-Off Come to an End?
The Shiba Inu price has barely moved in the past 24 hours, with its current level of $.00000850 representing a 2% drop in the last seven days, amid an uncertain period for the cryptocurrency market.
SHIB is also down by 19% in the past month but up by 5% since the beginning of the year, a period which has provided many major cryptocurrencies with much bigger gains.
However, despite its inertia over the past day, SHIB is actually up by 1% from a low recorded yesterday, suggesting that the altcoin may be on the brink of regaining some much-needed momentum.
And with the launch of the long-awaited Shibarium layer-two network, SHIB could indeed have some significant rallies in store in the coming weeks, with the coin looking as though it has reached a bottom.
SHIB's chart also suggests that it's gradually accumulating some momentum, with its relative strength index (purple) rising to 50 after a day or so spent around (or just under) 30, which indicates overselling.
On top of this, SHIB's 30-day moving average (yellow) has seemingly reached a bottom, with its flattening out after several days of descent giving the impression of an incoming rebound.
Likewise, it's encouraging to note that the altcoin's support level (green) is incrementally rising, meaning that SHIB's position is consolidating and strengthening again after its recent falls.
As far as fundamentals go, there's nothing really that explains SHIB's minor recovery in the past couple of days, although it's worth pointing out that the cryptocurrency market as a whole has recorded a 1% gain in the past 24 hours.
Such a fragile recovery could be wiped out if the US ends up defaulting on its debt, with the US Congress and the White House having a deadline of June 1 to raise its
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