Paving its own trail in the unpredictable world of cryptocurrencies, the price of Shiba Inu (SHIB) has managed a slip of 3% in the past day, in stride with an overall 1% market drop within the same timeline. These bobs in the buoy of market trends undeniably put SHIB in a contrasting position compared to other major currencies, marking a 0.5% drop since the onset of the year.
The hushed roll-out of the second layer Shibarium network has steered the SHIB boat into rough waters. However, the horizons could be promising for the currency if the re-launch plans take an upward surge. A successful relaunch could invite a rapid rebound, considering the currency has been undervalued in the past weeks.
A deep dive into the indicators presents a clear mud-map for potential rebounds. With a relative strength index lingering close to 40, SHIB is judged to be under consistent selling pressure. This analysis reflects on the market position of the coin as underpriced compared to its recent performance. The 30-day moving average of SHIB remains a significant distance underneath the 200-day average, thereby reiterating the theme of the currency being undervalued.
The bumpy ride of SHIB presents a silver lining with its base support level, which held steady despite recent drops. This propels the assumption of SHIB having reached its lowest point, with promising signs of recovering. The trajectory of recovery is deeply rooted in the successful relaunch of Shibarium which had earlier witnessed the unfortunate loss of nearly $2 million in ETH on one of its bridges.
The underpinning factor for the rally in SHIB value comes from the opportunities for its usage and adoption through the successful operation of Shibarium. The currency’s viability will witness a spur in the coming months, projecting a steady rise in the SHIB’s value.
The other side of the coin opens up an intriguing space for traders seeking short-term gains. They might lean towards venturing into newer meme tokens, such as the promising new meme token Sonik Coin (SONIK). SONIK’s unique presence in social media and a commitment to decentralized tokenomics, coupled with strategic distribution plans, offers a different kind of promise in a world that can be both exciting and unpredictable.
However, it is vital to sprinkle an extra pinch of caution when investing in crypto currencies. The market tremors often make for a high risk situation, but they also pave the way for high returns. Future ventures should be based on detailed research and gaged risk assessment.
Source: Cryptonews
