• Shiba Inu (SHIB) has risen by 4% in the past 24 hours, and is up 35% since the start of the year.
• The relative strength index suggests that its current rally could last for a few more days.
• SHIB stands to benefit from a banking crisis and the launch of Shibarium, its layer-two network.
SHIB Price Rise
Shiba Inu (SHIB) has seen its price rise by 4% in the past 24 hours, up 35% since the beginning of this year. Despite being down 1.5% week-on-week and 15% month-on-month, SHIB remains one of the most traded ERC-20 tokens in the market according to WhaleStats data.
The relative strength index (RSI) for SHIB indicates that its current rally may last for a few days more, as it rose from 30 to just over 40 – an indication that it is now out of an oversold position. If SHIB can break through $0.000015 resistance level then further gains are likely, with $0.00001250 being eyed as a potential target before month’s end.
The banking system is facing fears at present due to banks failing (e.g Silvergate, SVB and Signature) and stocks declining steeply (e.g Credit Suisse). As such investors are looking elsewhere to put their money rather than rely on banks – which could bode well for crypto markets including SHIB in particular – as well as other digital assets.
Shibarium Layer 2 Network
SHIB stands to gain further benefits from launching its Shibarium layer two network over the weekend which is still awaiting full launch; this could help fuel additional gains for the coin if all goes according to plan with development progress continuing apace in 2021 thus far..
Overall it appears that there are several factors currently driving demand for Shiba Inu (SHIB), including fears around banking system stability combined with anticipation ahead of Shibarium’s launch, suggesting that there’s good potential here for further rallies ahead if these situations play out positively towards cryptocurrency markets generally speaking over coming weeks or months