Shiba Inu Price Prediction as SHIB Spikes Up 7% in a Week – Is a New Rally Starting?

cryptonews.com:

The shiba inu price has fallen by 2.5% in the last 24 hours hours, dropping to $0.00001331 as the wider market remains barely unchanged from yesterday. Its current level marks a 7% gain the past week and a 12% rise in the last 30 days, with SHIB benefitting from a combination of improved investor sentiment and expectation surrounding the launch of the Shibarium layer-two network.

Seeing as how as Shibarium will help the Shiba Inu network become faster and cheaper, many experts are predicting that SHIB to rise strongly following its launch. And combined with the later launch of SHIB: The Metaverse, 2023 could end up being a very good year for the meme token, even if big rallies may not be forthcoming in the shorter term.

SHIB's chart is in a strong position, with the coin's 30-day moving average continuing to rise above its 200-day (blue). Combined with a relative strength index (purple) that has been gaining from 50 and is far from being in an overbought position, this indicates that further gains for SHIB could be on the cards.

The key resistance level to monitor here is $0.00001373, which is currently SHIB's seven-day high. If the coin can break through this price and remain above it, this could indicate further rises, as well as consolidation around a higher level.

Nothing has happened in the past few days that indicates an incoming SHIB rally, yet the coin's fundamentals continue to point towards gains in the medium- and long-term. Indeed, some supporters are predicting that it will break its all-time high this year (which is currently $0.00008616) and that, eventually, it could even reach $1.

This is perhaps unlikely, if nothing else because rising to $1 would imply a return of around 7,500,000%! Even a more slightly