Source: TradingView
The Shiba Inu price has barely moved in the past 24 hours, with its current level at $.00000850, down 2% over the past seven days, in an uncertain time for the cryptocurrency market.
SHIB is also down 19% over the past month but is up 5% since the start of the year, a period that has provided larger gains for many major cryptocurrencies.
However, despite showing inertia over the past day, SHIB is actually up 1% from yesterday’s lows, suggesting that the altcoin may be on the verge of regaining some much-needed momentum.
With the long-awaited launch of Shibarium’s second-layer network, SHIB could indeed see some major rallies in the coming weeks, and the token looks to have bottomed out.
Shiba Inu Price Prediction: SHIB Shows Promise To Rebound From Recent Lows – Is The Selloff Over?
SHIB’s chart also shows that it is building some momentum, with its relative strength index (purple) rising to 50 after a day or so (or just below) 30, which indicates oversold.
Source: TradingView
Beyond that, SHIB’s 30-day moving average (yellow) appears to have bottomed out, flattening out after several days of losses, giving the impression that a rebound is imminent.
Also, it is encouraging that the support level (green) of the altcoin is gradually rising, which means that SHIB’s position has once again consolidated and strengthened after the recent decline.
In terms of fundamentals, there is nothing that can really explain SHIB’s modest recovery over the past few days, although it’s worth pointing out that the overall cryptocurrency market has recorded a 1% gain over the past 24 hours.
That fragile recovery could be wiped out if the U.S. ends up defaulting on its debt, with Congress and the White House set for a June 1 deadline to raise the debt ceiling or miss out on repayments.
Such a default would have a huge negative impact on the cryptocurrency market including SHIB, which has seen a less robust recovery over the past few months compared to other major tokens.
patience is a virtue
However, given the launch of Shibarium and SHIB: The Metaverse, SHIB’s medium to long-term prospects arguably look pretty good.
According to Shibarium’s developers, the second tier should fully launch anytime “between now and the end of August.”
While this is a somewhat vague timeline, the arrival of Shibarium will make Shiba Inu even more attractive as a platform for dapps and DeFi.
As a second-layer network, it will provide cheaper and faster transactions for Shiba Inu, which, as an ERC-20 token, sometimes suffers from Ethereum’s notoriously high fees.
According to recent data, the Shibarium testnet has completed 10 million transactions, and the latest statistics show that it has just passed 12 million transactions.
This shows that there is considerable interest in the second layer network, suggesting that once the Shiba Inu dapp and project are fully launched, there may be significant expansion.
It is also optimistic that Shibarium will also lead to an increase in the burning of SHIB, which means that its supply will fall and its price may increase at the same time.
This all suggests that SHIB may be massively undervalued right now, and that the second half of the year could bring some serious rallies for the meme token.
If SHIB: Metaverse also launches in late 2023, such a rally could also be amplified as the metaverse platform has unveiled some updates in recent weeks as it steadily develops.
Upon launch, it will feature over 100,000 pieces of virtual land that can be owned as NFTs, as well as a variety of different regions and games.
Despite the relative lack of details, expectations for the platform remain high, and an eventual launch could lead to a surge in SHIB (and sister tokens BONE and LEASH).
From the current price of $0.00000851, SHIB could easily climb back to $0.00001 or $0.00002 in the next few weeks, while the launch of Shibarium could push it to $0.00005.
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Source of information: Compiled from CRYPTONEWS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced