Shiba Inu Price Prediction as SHIB Spikes Up 2% – Time to Buy?

cryptonews.com:

The Shiba Inu price has risen by more than 2% today, with its jump to $0.00000811 coming as the cryptocurrency market as a whole inches up by 0.4% in the past 24 hours.

SHIB is now up by 1.6% in the past week but down by 20% in the past fortnight, with the meme also having gained by only 0.1% since the beginning of the year (in contrast to many other major tokens, which have recovered strongly).

The underperformance of SHIB in the past couple of weeks has come in the wake of the botched Shibarium launch, with the layer-two network witnessing lost tokens and outages after it initially went live.

However, with Shibarium's developers now having relaunched an updated and more secure version of the layer-two network, it's likely that SHIB could witness further gains in the coming days, as the market receives more details of Shibarium's encouraging progress.

SHIB's indicators are in a position which suggests that the meme token could be ready for further, sustained price increases in the next week or so.

Firstly, SHIB's relative strength index has stabilized around 40 after falling hard more than a couple of weeks ago, in the wake of Shibarium's disappointing initial launch.

Secondly, the altcoin's 30-day moving average (yellow) remains well below its 200-day average (blue), meaning that it remains highly undervalued and should be due a strong correction upwards very soon.

And as suggested by SHIB's support level (green), the coin looks as though it has definitely finished its recent downturn, implying that only gains are likely in the short- and medium-term.

What will help push SHIB's price further is the ongoing rollout and expansion of Shibarium, which has been relaunched and which appears to be steadily gaining users and traffic.

R