#Shibainu (SHIB) has gained a negligible 0.3% over the past 24 hours, reaching to a price of $0.0000683.

$SHIB has dropped 5% in the past week, 6% in the past month, and 15.5% since the beginning of the year, in stark contrast to the crypto market's extremely minor decline.

When compared to other prominent tokens like BTC, ETH, XRP, and SOL, this is a big discrepancy, and the fact that SHIB has been falling steadily over the past several weeks suggests that it is in the midst of a long-term downturn. 

SHIB may see a rebound in the not-too-distant future, thanks to the growing popularity of layer-two network Shibarium and the ongoing efforts of the Shiba Inu community as a whole to be taken seriously as more than just a meme token.

Can the "Buy the Dip" Strategy Help the Shiba Inu's Value If It Continues to Fall?

With a relative strength index (purple) that has been in the doldrums since the middle of August, SHIB's chart does not make for uplifting reading.

As the 30-day exponential moving average (yellow) clearly shows, the token's price has dropped significantly from where it should be if SHIB is a desirable asset.

Again, the fact that this average is now below SHIB's 200-day average (blue) indicates that all the pressure is to sell and that SHIB has not yet found a lower level that will make it appealing to buyers again.

Even though SHIB has gained slightly today, it wouldn't be shocking to see it break through yet another support level over the weekend. The support level (in green) is continuing moving lower.

This would mean even more losses, and while the technicals are starting to indicate in the direction of a recovery, SHIB is probably the kind of token that truly needs market-wide bullishness and enthusiasm to increase.

This means it will likely go below $0.0000060 or lower within the next week or so, barring a market-wide recovery.

Nonetheless, SHIB's long-term prospects are brighter, especially since Shibarium, Shiba Inu's own layer-two network, continues to expand.

Since its release in August, Shibarium has attracted a growing number of users, who have now completed over three million transactions across over a million unique wallet addresses.

More developers and decentralised applications (dapps) will be attracted to Shiba Inu thanks to the layer-two network, and SHIB will receive a further, substantial boost upon the eventual release of SHIB: The Metaverse.

For this reason, a reasonable long-term objective for SHIB is somewhere around $0.00001, a price it might be able to maintain over the first few months of 2019.