{"id":14708,"date":"2023-05-27T15:50:15","date_gmt":"2023-05-27T19:50:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/shiba-inu-price-forecast-shib-shows-promising-rebound-from-recent-low\/"},"modified":"2023-05-27T15:50:17","modified_gmt":"2023-05-27T19:50:17","slug":"shiba-inu-price-forecast-shib-shows-promising-rebound-from-recent-low","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14708","title":{"rendered":"Shiba Inu Price Forecast: SHIB Shows Promising Rebound from Recent Low"},"content":{"rendered":"
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The Shiba Inu price has barely moved in the past 24 hours, with its current level of $.00000850 representing a 2% drop in the last seven days, amid an uncertain period for the cryptocurrency market.<\/p>\n

SHIB is also down by 19% in the past month but up by 5% since the beginning of the year, a period which has provided many major cryptocurrencies with much bigger gains.<\/p>\n

However, despite its inertia over the past day, SHIB is actually up by 1% from a low recorded yesterday, suggesting that the altcoin may be on the brink of regaining some much-needed momentum.<\/p>\n

And with the launch of the long-awaited Shibarium layer-two network, SHIB could indeed have some significant rallies in store in the coming weeks, with the coin looking as though it has reached a bottom.<\/p>\n

Shiba Inu Price Forecast: SHIB Shows Promising Rebound from Recent Low – Has Sell-Off Come to an End?<\/strong><\/h2>\n

SHIB’s chart also suggests that it’s gradually accumulating some momentum, with its relative strength index (purple) rising to 50 after a day or so spent around (or just under) 30, which indicates overselling.<\/p>\n

On top of this, SHIB’s 30-day moving average (yellow) has seemingly reached a bottom, with its flattening out after several days of descent giving the impression of an incoming rebound.<\/p>\n

Likewise, it’s encouraging to note that the altcoin’s support level (green) is incrementally rising, meaning that SHIB’s position is consolidating and strengthening again after its recent falls.<\/p>\n

As far as fundamentals go, there’s nothing really that explains SHIB’s minor recovery in the past couple of days, although it’s worth pointing out that the cryptocurrency market as a whole has recorded a 1% gain in the past 24 hours.<\/p>\n

Such a fragile recovery could be wiped out if the US ends up defaulting on its debt, with the US Congress and the White House having a deadline of June 1 to raise its debt ceiling, otherwise it will miss out on repayments.<\/p>\n

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Such a default would have a big negative impact on the cryptocurrency market, including SHIB, which has seen a less vigorous recovery in past months than other major tokens.<\/p>\n

Patience is a Virtue<\/strong><\/h2>\n

However, the medium- and long-term picture for SHIB does arguably look pretty good, given that it has the launches of Shibarium and then SHIB: The Metaverse to look forward to.<\/p>\n

According to developers working on Shibarium, the layer two should see its full launch at any point “from now until the end of August.”<\/p>\n

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While this is a somewhat vague timeline, the arrival of Shibarium will make Shiba Inu considerably more attractive as a platform for dapps and DeFi.<\/p>\n

As a layer-two network, it will provide cheaper and faster transactions to Shiba Inu, which as an ERC-20 token has sometimes suffered from Ethereum’s notoriously high fees.<\/p>\n

According to recent data, the Shibarium testnet has passed 10 million transactions, and at the latest count it stood at just over 12 millon.<\/p>\n

This indicates considerable interest in the layer-two network, suggesting that there may be a significant expansion in Shiba Inu dapps and projects once it has its full launch.<\/p>\n

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Just as bullishly, Shibarium will also result in an increase in the burning of SHIB<\/a>, meaning that its supply will decline and its price could rise in parallel.<\/p>\n

This all suggests that SHIB could massively undervalued at the moment, and that the second half of the year may bring some big rallies for the meme token.<\/p>\n

Such rallies may also be amplified if SHIB: The Metaverse also launches towards the end of 2023, with the metaverse platform revealing a number of updates<\/a> in recent weeks as its undergoes steady development.<\/p>\n

When launched, it will feature just over 100,000 virtual plots of land that can be owned as NFTs, as well as a variety of different districts and games.<\/p>\n

Despite a relative lack of details, anticipation for the platform remains sky-high, with the eventual launch likely to result in big rallies for SHIB (as well as for sister tokens, BONE and LEASH).<\/p>\n

From its current price of $0.00000851, SHIB could easily rise back to $0.00001 or $0.00002 in the next few weeks, with the launch of Shibarium potentially pushing it as high as $0.00005.<\/p>\n

Buy Shiba Inu Now<\/strong><\/p>\n<\/p><\/div>\n