• Shiba Inu (SHIB) prices have dropped by 1.5% in the past 24 hours and 11% in the week, while its 24-hour trading volume has surpassed $100 million.
• SHIB is close to bottoming out, with its 30-day moving average close to moving below its 200-day average and its relative strength index nearing 30.
• The coin could be due for a correction upwards soon, with whales potentially accumulating it and the full public launch of Shibarium’s layer-two network on the horizon.
Shiba Inu Price Declines
The price of Shiba Inu (SHIB) has dropped to $0.00001030 today, making for a 1.5% decline in the past 24 hours as the cryptocurrency market as a whole falls by 1%. SHIB’s current price means it has declined by 11% in a week and by 3% in the last 30 days, although the meme token has gained by 27% since the beginning of the year.
Rising Trading Volume
It’s also encouraging to note that the coin’s 24-hour trading volume has begun to rise upwards again, moving beyond $100 million in the past day in a sign that positive volatility could be reentering the picture. And in the longer term, with Shiba Inu also awaiting the full public launch of layer-two network Shibarium, SHIB could even see some major rallies along the way.
Indicators Suggesting Bottoming Out
What’s encouraging about SHIB’s chart is that it shows a coin that’s close to bottoming out, at least judging by the current state of its indicators. SHIB’s 30-day moving average (yellow) is close to moving below its 200-day average (blue), while its actual price has fallen below both indicators, signaling that it’s being oversold. Similarly, its relative strength index (purple) is just below 40 and is on its way to 30, at which point the coin will be due for a correction upwards.
Whales Accumulating?
Of course, this may not happen just yet, with ongoing decline of SHIB’s support level suggesting it could fall further before bouncing back up – but encouragingly there are signs whales may have begun accumulating it given how undervalued it currently appears to be right now..
Impending Public Launch Of Shibarium
Furthermore; Shiba Inu is eagerly anticipating what could turn out to be an exciting development – namely;the imminent full public launch of Shibarium’s layer two network – which will no doubt see plenty more activity from developers tapping into this new platform too..