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Shiba Inu Price Prediction as SHIB Dips 1% in 24 Hours – Here are Key Levels to Watch

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The price of Shiba Inu (SHIB) has dipped by 1% in the past 24 hours, with its slide of $0.00000828 coming as the cryptocurrency market as a whole rises slightly by 1% today.

SHIB is now up by 5% in the last seven days and by 7.5% in the past month, with the meme token having gained by only 2% since the beginning of the year, despite many other major tokens (e.g. Bitcoin and Ethereum) witnessing double-digit percentage gains.

The Shiba Inu community is hoping that this relative underperformance will soon change, with the long-awaited launch of the Shibarium layer-two network set to happen this month.

Shiba Inu Price Prediction as SHIB Dips 1% in 24 Hours – Here are Key Levels to Watch

Despite today’s dip, SHIB’s chart and technical indicators remain in a good position, with the suggesting being that the altcoin could see a few more gains in the next few days.

Source: TradingView

Having fallen away from a level above 70, SHIB’s relative strength index (purple) has nonetheless held to 50 and looks as though it may begin rising again.

This expectation is supported by the meme token’s 30-day moving average (yellow) which continues to climb healthily above its 200-day average (blue), pointing to more incoming gains.

Also pointing to further rises is the fact that SHIB’s support level (green) has increased quite substantially in the past week, meaning that any falls (such as today’s) are likely to be minor.

And in fundamental terms, SHIB has the imminent full public launch of Shibarium to look forward to, with developers suggesting that it will move from beta this month.

If it does, there’s a very good chance that SHIB will rally accordingly, given the important step the launch of Shibarium would be for the Shiba Inu ecosystem.

The layer-two network would provide SHIB (which currently runs directly on Ethereum) with faster and cheaper transactions, something which in turn would make building Shiba Inu-focused dapps more appealing for developers.

This would imply a long-term growth in demand for SHIB, especially when coupled with the launch of related projects, such as Shibacals (NFTs linked to real-world objects).

Of course, it may be a little too optimistic to expect SHIB to surge immediately upon the launch of Shibarium, even if we may see it rise back to $0.000010 soon after.

And in the longer term, the meme token could reach $0.000020 or higher by the end of the year.

A New High-Potential Meme Token

One of the issues affecting Shiba Inu at the moment is that it currently has plenty of competition from a wide variety of new meme tokens, with some of these being particularly promising, especially those that are holding presales.

An interesting example of this is Shibie (SHIBIE), an ERC-20 token that has combined memes based on Shiba Inu and Barbie.

It kicked off its presale this week, with SHIBIE having an overall maximum supply of 2,107,202,300 tokens, of which 60% will go to the sale.

What’s promising about SHIBIE is that its unsual combination of different memes could help it stand out in the growing crowd of new meme tokens, helping it to assemble a strong community of followers who will be ready to promote the token and support its price.

Such a community is indispensable if SHIBIE is to have a sustained lifespan full of recurring rallies, something which far too many of the newer meme tokens have lacked this year.

SHIBIE is priced at $0.000167 in its presale, which new investors can join by heading over to Shibie’s official website and connecting their software wallets, with SHIBIE purchasable using ETH, BNB, USDT or fiat currency.

Once the presale has ended SHIBIE will begin by listing on DEXes, something which could see its price rise dramatically.

Visit Shibie Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.