Shiba Inu Price Prediction as $100 Million Trading Volume Floods In – Can SHIB Reach $1?
The price of Shiba Inu (SHIB) has lifted by 0.5% in the past 24 hours, reaching $0.00000891 as the wider crypto market sees as 1.5% gain as a whole.
This means that SHIB has dropped by 1.5% in a week and by 21% in the past 30 days, with the meme token up by 9.5% since the beginning of the year.
Its movement today comes as its 24-hour trading volume rises a little to pass $100 million, suggesting an increase in liquidity that could result in gains somewhere down the line.
And when it comes to the longer term picture, the hotly anticipated launches of Shibarium and SHIB: The Metaverse could help SHIB enjoy a full renaissance towards the end of the year.
SHIB's indicators are in an interesting position, suggesting that the meme token may be in for rises in the coming days or weeks.
SHIB's relative strength index (purple) has risen to 60 today, signalling buying momentum that's pushing the coin upwards.
At the same time, its 30-day moving average (yellow) is rising up towards its 200-day (blue) after a relatively long period of being below it, again suggesting that further rises may be incoming.
The meme token's support level (green) supports this claim, in that it has been steadily rising for the best part of a weak, indicating consolidation and strengthening momentum.
The fact that SHIB's RSI had fallen below 30 over the weekend should alone hint towards rallies, yet adding the aforementioned increase in trading volume points even more strongly towards increases.
What's encouraging for SHIB holders is that, even with its recent underperformance, Whale Stats data istill shows that SHIB is the most widely held and traded cryptocurrency among ERC-20 whales.
What this suggests is that whales are sitting on big SHIB holdings in wait for
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