In the past 24 hours, the price of Shiba Inu has taken a significant dip, falling by 7.5% to reach. Despite this recent setback, the cryptocurrency has shown resilience and remained positive.
Over the course of the past week, it has experienced a slight increase of 1% and in the last 30 days, it has seen a substantial boost of 33%. This impressive growth can be attributed to the excitement and anticipation surrounding the highly-anticipated launch of Shiba Inu’s layer-two network.
The launch has many investors optimistic about the future of the altcoin and they believe that it could be a game-changer in the world of cryptocurrencies.
Crypto Investors Looking Forward to Shibarium
The imminent launch of Shibarium has the crypto community abuzz with anticipation, as the new layer-two network promises to revolutionize the Shiba Inu network by making it faster and more cost-effective.
This has led many to predict substantial gains for SHIB, as the improved technology could make the cryptocurrency more accessible and appealing to a wider audience.
However, the recent settlement between Kraken and the SEC has raised concerns about the regulatory landscape for cryptocurrencies and has created some uncertainty in the market.
Despite these challenges, SHIB is poised to remain a strong player in the crypto market as 2023 progresses. Its combination of cutting-edge technology, supportive community, and long-term potential make it a valuable investment.
Current State of SHIB
The chart for SHIB is currently in a state of flux, with various indicators pointing in different directions. The 30-day moving average has shown a slower climb above the 200-day moving average.
This slowdown in momentum has some concerns that the 30-day moving average could soon start to decline, especially in the wake of the recent market selloff.
The situation is further complicated by conflicting signals from other indicators, making it difficult to predict with certainty which way the market will move next.
As a result, many are adopting a wait-and-see approach, monitoring the market carefully and being cautious in making investment decisions until a clearer trend emerges.
Nevertheless, SHIB remains a cryptocurrency to watch, and its future performance could have a significant impact on the broader crypto market.
The relative strength index has recently dropped to 50, indicating a possible shift in momentum for SHIB. There is a risk that the RSI could continue to fall if the key support level of $0.000012 is breached. This could lead to further losses for the altcoin in the near term.
Investors are Highly Optimistic
However, many in the crypto community remain optimistic about SHIB’s future prospects, with many analysts and supporters predicting significant gains for the altcoin in the coming months and years.
They believe that today’s losses are merely a temporary setback and that SHIB will soon regain its upward trajectory and continue to experience growth.
With its strong community, innovative technology, and long-term potential, SHIB is a cryptocurrency that is worth paying attention to, regardless of short-term market fluctuations.
Market Sentiment Regarding SHIB
One popular target among SHIB supporters is a price of $0.1, which would represent an astronomical increase of over 800,000%. Such a prediction is certainly ambitious, but it reflects the high level of excitement and optimism that exists among many in the SHIB community.
Final Thoughts
It is important to note that cryptocurrency is a highly speculative market and that past performance is not a guarantee of future results.
While SHIB has shown impressive growth in the past, there are many factors that could impact its future performance, including market conditions, regulatory developments, and competition from other cryptocurrencies.
As with any investment, it is important to conduct thorough research and to be cautious in making investment decisions. Nevertheless, SHIB’s long-term potential makes it a crypto coin to watch and a potential opportunity for those seeking high-risk, high-reward investments for the long term.
