• Shiba Inu (SHIB) has risen by 4% in the past 24 hours, while still being down 1.5% in a week and 15% in the last 30 days.
• The launch of the Shibarium layer-two network is expected to further boost SHIB’s price, with it currently eyeing an $0.00001250 level before the month’s end.
• Fears of a banking crisis have encouraged investors to turn to crypto, which could lead to further rallies for SHIB.
Shiba Inu Price Spikes Up 4%
The price of Shiba Inu has risen by 4% in the past 24 hours as the cryptocurrency market recovers from weekend’s selloff and benefits from fears over banking system. At $0.00001099, SHIB remains down by 1.5% in a week and by 15% in the last 30 days, although the meme token has risen by 35% since beginning of year.
Shibarium Layer-Two Network Launch
SHIB continues to be one of most traded ERC-20 tokens in market according to latest data from WhaleStats, while also accounting for biggest holdings (in dollar terms) among large investors. And with Shiba Inu still awaiting launch of Shibarium layer-two network, there are plenty reasons to suspect that further rallies are incoming especially if apparent banking crisis ends up encouraging investors turn to crypto.
Indicators Suggest Further Rallies
SHIB’s indicators suggest that its current rally could last for few more days, with its relative strength index (purple) jumping from 30 to just over 40. That RSI has risen from an oversold position suggests that today’s rally may continue throughout this week, suspicion supported by fact that SHIB’s price is yet rise above its 30-day moving average (red). It’s likely that if SHIB can break through $0.000015 resistance level it may rise even higher with coin eyeing $0.00001250 level had at beginning March .
Banking Crisis Encouraging Crypto Investment
There’s a good chance it could reach such level before month ends with banking crisis US (and elsewhere world) pushing people towards cryptocurrency market Indeed this short-term trigger today’s SHIB rally as well as market wide rally largely responsible boosting SHIB’s price With number banks already failing e g Silvergate SVB Signature and several seeing massive stock price declines e g Credit Suisse it seems some people are looking for somewhere else put their money besides bank
Conclusion
While Federal Reserve and other bodies have stepped calm nerves hard say whether situation will stabilize immediately something which could play hands SHIB and other cryptocurrencies At same time SHIB is also likely benefit arrival Shi too adding more reason suspect new rally starting within next few weeks