Shiba Inu Price Prediction as SHIB Sees $400 Million Trading Volume Come In – $1 SHIB Incoming?

Shiba Inu Price Prediction as SHIB Sees $400 Million Trading Volume Come In – $1 SHIB Incoming?

23 Feb 2023 01:41 AM

By Simon Chandler | @simon-chandler

The Shiba Inu price has risen by 3% in the past 24 hours amid the expectation that the beta launch of Shiba Inu's layer-two network Shibarium could happen by the end of the week. This has helped cap a 10% rise for SHIB in the last 30 days, although the coin is down by 3% in the past week.

The arrival of Shibarium potentially marks a new era for Shiba Inu, in which it moves from being just a meme cryptocurrency to being a platform that offers genuine utility. And in conjunction with the potential launch of SHIB: The Metaverse this year, its launch could help rally SHIB to new record highs.

Shiba Inu Price Prediction as SHIB Sees $400 Million Trading Volume Come In – $1 SHIB Incoming?

SHIB's chart is in a mixed position and could potentially go either way from here on out. Its relative strength index (purple), for example, has begun rising again after dropping close to 50 in the past few days, indicating a slight recovery of the momentum it had towards the end of February.

At the same time, SHIB's 30-day moving average (red) continues to rise incrementally above its 200-day average (blue). This suggests that its current rally may have space left to continue before the coin becomes overbought.

In terms of resistance levels, a clean break above $0.0000135 could indicate a more sustained rally for the altcoin. And with SHIB's 24-hour trading volume rising above $400 million today, it looks as though it has the liquidity and the interest to mount such a rally.