Shiba Inu Price Prediction: Is the Coin Ready for a Breakout?

The Shiba Inu price has grown by more than 2% today, reaching $0.00000811, while the cryptocurrency market as a whole has gained 0.4% in the last 24 hours.

SHIB is now up 1.6% in the last week but down 20% in the last two weeks, with the meme also up 0.1% since the start of the year (in contrast to several other prominent tokens, which have recovered considerably).

SHIB has underperformed in recent weeks as a result of the failed Shibarium launch, with the layer-two network experiencing lost tokens and downtime after it initially went live.

However, with Shibarium’s creators now having relaunched an improved and more secure version of the layer-two network, SHIB is likely to see significant rises in the coming days as the market learns more about Shibarium’s optimistic progress.

Shiba Inu Price Prediction as SHIB Spikes Up 2% – Time to Buy?

SHIB’s signs indicate that the meme coin may be ready for more, persistent price hikes in the coming week or so.

Firstly, SHIB’s relative strength index has stabilized around 40 after falling hard more than a couple of weeks ago, in the wake of Shibarium’s disappointing initial launch.

Second, the altcoin’s 30-day moving average (yellow) remains far lower than its 200-day moving average (blue), indicating that it is still significantly undervalued and is poised for a significant upward correction very soon.

And, as indicated by SHIB’s support level (green), the currency appears to have completed its recent decline, signalling that only increases are probable in the near and medium term.

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