Shiba Inu Price Prediction as SHIB Rises 14% From Recent Bottom, But Whales are Buying This New Altcoin – Here's Why
The price of Shiba Inu has dropped by 2.5% in the past 24 hours, sliding to $0.00001086 following a slight dip for the cryptocurrency market as a whole.
SHIB's current price means that it has fallen by 3.5% in a week and barely risen in the last 30 days, although the meme token remains up by 34% since the beginning of the year.
And with the coin awaiting the full public launch of the Shibarium layer-two network this month, it could be set to compensate for its relative underperformance in the past few weeks.
On the other hand, it seems that many investors have been turning to other tokens during this period, with the decentralized polling platform Love Hate Inu (LHINU) successfully raising over $3.5 million in its presale, as whales look for the best candidates for quick gains.
SHIB's indicators suggest that it could have bottomed, with a recovery rally due in the near future.
In particular, the coin's relative strength index (purple) has begun rising again after descending to an oversold position in the past few hours.
That said, SHIB's 30-day moving average (red) still hasn't fallen underneath its 200-day average (blue), although it has begun rising again after a dip that last a few days.
Based on these indicators, and based on the fact that SHIB has underperformed in recent weeks, it would seem on a technical basis that the meme token is due to rally soon.
This is supported by the imminent arrival of layer-two network Shibarium, which is due a full public launch in the next few weeks, something which could trigger a short- and long-term SHIB rally.
The L2 is already live in beta form, with its transaction count showing that testers and contributors have been joining its testnet in recent days.
Shibarium's official launchpad has
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