Shiba Inu Price Prediction as SHIB Holds Firm Despite Market Correction – Time to Buy?

cryptonews.com:

The Shiba Inu price has dropped by 0.8% in the past 24 hours, with the meme token doing well to recover from a market correction that shaved as much as 5% off its price.

At $0.00001082, SHIB is now 4% up in the past week, despite being down by 20% in the last 30 days, with the market continuing to face a series of shocks in recent weeks.

The most recent of these is the news that the SEC is likely to take legal action against Coinbase, although the exchange has already stated that it will stand its ground if necessary.

And with LUNC resisting further falls today, it's in a good position to rally again, especially with the recent beta launch of Shibarium and the long-awaited rollout of SHIB: The Metaverse later in the year.

SHIB's indicators are in a mixed position, with its relative strength index (purple) on the up and with its 30-day moving average (red) still with some falling left to do.

Despite this mix, it's arguable that SHIB is likelier to rise at the moment than fall again, with its RSI being in a distinctly oversold position for much of this month.

Likewise, its price remains below its 30-day and 200-day moving averages, indicating that it should surge upwards again in the near future.

Despite celebrating the beta launch of the Shibarium layer-two network in the past week, SHIB's action has been muted.

This is largely because of accusations that Shibarium developers had stolen code from another blockchain (Rinia), although such claims were quickly dismissed by developer Kaal Dhairya.

The important point to make here is that, because of these claims, SHIB remains in a very undervalued position, implying that it could end up seeing bigger gains when it finally does begin rising.

Another part of the reason why the response