Shiba Inu Price Prediction as SHIB Dips 1% in 24 Hours – Here are Key Levels to Watch

cryptonews.com:

The price of Shiba Inu (SHIB) has dipped by 1% in the past 24 hours, with its slide of $0.00000828 coming as the cryptocurrency market as a whole rises slightly by 1% today.

SHIB is now up by 5% in the last seven days and by 7.5% in the past month, with the meme token having gained by only 2% since the beginning of the year, despite many other major tokens (e.g. Bitcoin and Ethereum) witnessing double-digit percentage gains.

The Shiba Inu community is hoping that this relative underperformance will soon change, with the long-awaited launch of the Shibarium layer-two network set to happen this month.

Despite today's dip, SHIB's chart and technical indicators remain in a good position, with the suggesting being that the altcoin could see a few more gains in the next few days.

Having fallen away from a level above 70, SHIB's relative strength index (purple) has nonetheless held to 50 and looks as though it may begin rising again.

This expectation is supported by the meme token's 30-day moving average (yellow) which continues to climb healthily above its 200-day average (blue), pointing to more incoming gains.

Also pointing to further rises is the fact that SHIB's support level (green) has increased quite substantially in the past week, meaning that any falls (such as today's) are likely to be minor.

And in fundamental terms, SHIB has the imminent full public launch of Shibarium to look forward to, with developers suggesting that it will move from beta this month.

If it does, there's a very good chance that SHIB will rally accordingly, given the important step the launch of Shibarium would be for the Shiba Inu ecosystem.

The layer-two network would provide SHIB (which currently runs directly on Ethereum) with faster and cheaper