The value of #Shibainu (SHIB) has experienced a decline of 2% over the previous 24-hour period, reaching a price of $0.00000690. This decrease occurred against a rather stagnant movement in the broader cryptocurrency market.
Despite experiencing a decline, the $SHIB token has demonstrated a modest increase of 1% over the course of one week. However, it has sustained a decline of 5.5% throughout the past 30 days, and a more substantial decrease of 15% since the commencement of the year.
The decline observed since January is a notable deviation from the performance of several other prominent cryptocurrencies. However, SHIB retains its position as the 19th largest coin in the market based on market capitalization. The significant overselling of SHIB in recent times suggests the possibility of a substantial recovery in the near future.
The present discourse revolves around the price projection of the Shiba Inu cryptocurrency, as it ascends to a prominent position among the top 20 cryptocurrencies globally. Speculation suggests the potential attainment of a value of $1 per unit of Shiba Inu (SHIB).
The current state of SHIB's indicators is unfavourable, as they have consistently been in oversold levels without any significant indications of a robust rebound for the meme coin.
Significantly, the 30-day exponential moving average (represented by the colour yellow) of SHIB has consistently stayed much lower than its 200-day average (represented by the colour blue) for an extended period of time. This observation underscores the persistent challenge faced by the currency in recovering from its current state of stagnation.
Similarly, the relative strength index (RSI) of #SHIB has consistently stayed below 50 since mid-August. In line with its moving averages, the RSI is encountering difficulties in demonstrating any significant improvement.
This phenomenon is also evident in the progressive decrease in support for the meme token, as indicated by the declining support level depicted in green. This serves as a further indication of the token's enduring and substantial fall.
On one side, the aforementioned observations indicate a waning investor interest in SHIB and a lack of optimism over its potential for recovery in the near future.
However, conversely, this also implies that SHIB may be acquired at a significant markdown, considering its substantial oversold condition.
SHIB has rather robust fundamentals in comparison to the majority of other meme tokens, as seen by the recent introduction of the Shibarium layer-two network throughout the summer.
The recent increase in transactions on Shibarium indicates the potential for significant growth in Shiba Inu's ecosystem, both in the short term and long term. This highlights the positive impact that the new layer-two solution might have on the platform.
The Shiba Inu breed is also anticipating the forthcoming introduction of SHIB: The Metaverse, although an exact release date has not been determined.
Nevertheless, it is quite probable that the metaverse platform owned by Shiba Inu will attract a substantial number of adopters and users for the SHIB token, hence potentially enhancing its value.
One contributing factor to the current decrease of SHIB is the limited release of significant updates from SHIB: The Metaverse. However, the aforementioned tweet indicates that the SHIB team recently convened in Dubai to deliberate on the most recent advancements.
The emergence of the metaverse is anticipated to have a significant impact on the potential rally of SHIB.
Currently, it is anticipated that SHIB may revert to a value of $0.0000080 within the upcoming weeks, with the possibility of ascending to $0.000010 by the following year.
