Shiba Inu Price Prediction as $150 Million Sends SHIB Down 3% – What's Going On?

cryptonews.com:

The price of Shiba Inu (SHIB) has slipped by 3% in the past 24 hours, after the cryptocurrency market as a whole dropped by 1% within the same period.

At $0.00000806, SHIB is also down by 4% in a week and 20% in the past fortnight, with the meme token now having actually declined by 0.5% since the beginning of the year (in contrast to most other major cryptos).

SHIB has underperformed in the past week or so following the botched launch of the layer-two Shibarium network, with the Shiba Inu community still awaiting a relauch that should hopefully put the new protocol back on track.

But if the relaunch is successful, SHIB is likely to rebound quickly, especially when it has been oversold so much in recent weeks.

As weak as SHIB has been in the past week or so, its indicators make it clear that it's due a rebound sooner or later.

Its relative strength index (purple) remains close to 40, indicating continued selling pressure that has put the coin at a discount compared to recent levels.

Similarly, SHIB's 30-day moving average (yellow) remains some distance below its 200-day average (blue), again signalling that the meme token is currently undervalued and in need of correction.

If there's one small ray of positivity in all this, it's that the altcoin's support level (green) has held up relatively well amid recent falls, implying that it has probably bottomed out and shouldn't fall much further before recovering.

The question of how soon SHIB can recover depends mostly on the imminent relaunch of Shibarium, which was effectively de-launched last week after nearly $2 million in ETH was irretrievably lost on one of its bridges.

However, its development team are now working on various permanent fixes that will enable Shibarium to work