The price of Shiba Inu (SHIB) has seen a decline in its price by 0.8% over the past 24 hours. However, the token stood firm and immediately started recovering.
The overall plunge in the prices of the cryptocurrency was the reason that the price of SHIB slumped. Currently speaking the price of SHIB is at $0.00001082.
This means the current price of Shiba Inu is 4% higher than the price a week ago.
But as compared to its price in February, the current price is 20% low. The cryptocurrency market has encountered a series of challenges this week.
Most recently, the Bank of England and United States Federal Reserves both have favored interest rate hikes has sent cryptocurrency prices downward.
Furthermore, crypto’s legal worries have once more mounted. Most recently the SEC has announced to take legal action against Coinbase.
In response to SEC’s recent claims, Coinbase’s CEO has said that the exchange will stand firm on its beliefs.
What Is the Future of Shiba Inu In terms of Price?
Talking of the technical indicators, Shiba Inu shows mixed trends. The currency’s relative strength index is on the up. But its 30-day moving average is declining.
Despite the mixed trend, experts think that Shiba is showing great resistance, and once the macroeconomic issuescwill be addressed, its price will rise.
Experts also said that SHIB is likely to keep up its resistant behavior. This means if its price declines it will recover immediately.
Moreover, the currency’s RSI has remained in the oversold zone throughout this week. Conversely, its price remained below the 30-day moving average.
These technical outlooks show that the currency is likely to bounce back shortly. Over the past several days SHIB has stayed firm.
However, it is the right of investors to know that SHIB can also be in huge trouble if the market rumors are true.
Recently there have been rumors that the developers of Shibarium have stolen the code from another blockchain.
If the code on which Shibarium will base is plagiarized, then legal action can be taken against the SHIB; till today Shib’s officials have not contradicted these allegations.
But the head of the development team Kaal Dhairya has dismissed these allegations. But amid these allegations, the price of SHIB remains under pressure.
This means these allegation is continuously halting the SHIB from experiencing a gigantic increase in its price in the past few weeks.
Shibarium to Pick Up the Pace
The developers of Shibarium have said that they will soon publish thorough documentation about Shibarium programming.
This will also include the details of the code used to build Shibarium. As of now, Shibarium development has reached its final phase.
The activity on the Shibarium is likely to pick up pace very soon. Shibarium developers also decided to firmly respond to the smear campaign against the platform.
Experts on the other hand are confident that the successful launch of Shibarium will give a massive boost to the price of Shiba Inu.
Once successfully incorporated, Shibarium will send the Shiba Inu ecosystem to new heights. It will give unparalleled speed and efficiency to SHIB’s ecosystem.
Moreover, the demand for the Shiba Inu platform will rise immensely. Amid all these developments, experts think that whales are ready to break the bank.
Soon, Shiba Inu will experience high buying pressure, the majority of the whales think that Shiba Inu is a long-term investment opportunity.
Once the adoption and usage of Shiba Inu’s ecosystem are enhanced, the price of Shiba Inu will also reach new heights.
Shiba Inu reaching an all-time high might be around the corner. Shibarium developers have also shared a few visuals of Shiba Inu’s metaverse.
Once the project is executed, the price of Shiba Inu will surge. The next level of resistance for Shiba can be around $0.00002.
It is also expected that the price of Shiba Inu might surpass the $1 mark by the end of 2023.