• The Shiba Inu price has risen by 5% in the past 24 hours and is now at $0.00001088.
• There are two potential drivers that could further increase SHIB’s value: the Shibarium layer-two network and SHIB: The Metaverse.
• Indicators suggest that a recovery rally is possible, though this depends on the wider market conditions.
Shiba Inu Price Rise
The Shiba Inu price has risen by 5% in the past 24 hours, reaching $0.00001088 as the cryptocurrency market recovers from its selloff earlier in the week. SHIB’s current price means it has fallen by 1% in a week and by 15% in the last 30 days, although the meme token has risen by 34% since the start of the year.
Potential Drivers of Value
Its losses over the past month or so arguably put it in a position for an above-average upwards correction, a possibility boosted by the approach of the Shibarium layer-two network, which is due for a full public launch next month. On top of this, the long-awaited SHIB: The Metaverse is also potentially arriving by the end of 2023, something which would boost demand for SHIB massively, boosting its price in parallel.
Indicators Point to Recovery Rally
One silver lining of SHIB’s recent losses is that its indicators are now in a promising position in that they point to a recovery rally. For one, the coin’s relative strength index (purple) is nearing 50, after having been in an oversold position as recently as early March. In addition, its 30-day moving average (red) is close to a bottom relative to its 200-day average (blue), and when it bottoms out, it would be reasonable to assume that a bounce would be due.
Uncertain Market Conditions
Of course, with CFTC initiating legal action against Binance (and SEC threatening Coinbase),the wider market remains unsettled and uncertain state; making it hard to predict whether SHIB can break through its current resistance level of $0.000011 .The coin has repeatedly failed to make clean break from this price on numerous occasions this month implying if it can rise convincingly towards $0.0000115 or higher more rises should be incoming .
Shibarium Network Update
It could be helped in this respect by ongoing rollout of Shibarium ,which is now live beta form likely to launch full at some point next month .An encouraging sign as far as Shibarium concern is more testers have joined beta network after update coding documents suggesting considerable interest layer two network