Shiba Inu Price Prediction as SHIB Becomes Top 20 Crypto in the World – $1 SHIB Incoming?
The price of Shiba Inu (SHIB) has fallen by 2% in the past 24 hours, with its dip to $0.00000690 coming as the cryptocurrency market barely moves in either direction.
Despite its fall, SHIB is actually up by 1% in a week, although it remains down by 5.5% in the last 30 days and by 15% since the beginning of the year.
This drop since January stands in contrast to many other major tokens, yet SHIB remains the 19th-biggest coin in the market by cap, with the fact that it has been heavily oversold recently indicating that it could be due a big rebound.
SHIB's indicators continue to look very bad at the moment, given that they've remained in oversold positions without the meme token showing any real signs of a strong recovery.
Most notably, SHIB's 30-day exponential moving average (yellow) has remained substantially below its 200-day average (blue) for several months, highlighting the fact that the coin has had a real problem in lifting itself from its current funk.
Likewise, SHIB's relative strength index (purple) has remained below 50 since the middle of August, and like its averages the RSI is struggling to improve.
This is also reflected in the meme token's gradually sinking support level (green), another sign that it's suffering from a serious long-term decline.
On the one hand, this all suggests that investors have generally lost interest in SHIB and don't see it bouncing back anytime soon.
Yet on the other hand, it also suggests that SHIB can be bought at a very steep discount, given how heavily oversold it has been.
Because compared to most other meme tokens, SHIB arguably has much stronger fundamentals, as witnessed by this summer's launch of the Shibarium layer-two network.
Transactions on Shibarium have been rising in recent
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