The price performance of Shiba Inu (SHIB), a prominent meme coin, has exhibited a subdued trend in recent weeks within the cryptocurrency market. This meme-based cryptocurrency has once again garnered considerable attention in the digital asset landscape, primarily following the relaunch of Shibarium, a layer-2 scaling solution.
The initial rollout of Shibarium encountered initial challenges stemming from the surge in user engagement and transaction volumes, resulting in a temporary outage. Nevertheless, subsequent developments have seen Shibarium successfully restored to full functionality.
In pursuit of deeper insights into the potential price trajectory of SHIB, as September unfolds, Finbold sought the expertise of PricePredictions.com. This widely respected platform leverages robust machine-learning algorithms to forecast cryptocurrency values.
As of the information retrieved by Finbold on September 1, the projections suggest that SHIB is poised to trade at $0.0000073 on September 30, 2023. These forecasts indicate a decline of 7.5% compared to the cryptocurrency’s prevailing price at the time of publication, which stands at $0.0000079.
Shiba Inu’s price prediction is based on algorithms’ detailed analysis of popular technical analysis (TA) indicators, such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI), among others.
SHIB price analysis
At present, SHIB is positioned at a trading value of $0.00000796, exhibiting a daily decline of 2.7% and a weekly dip of 1.6%. The token’s technical analysis reveals a robust support level at $0.00000744, accompanied by a notable resistance level of $0.00000857.
Within the cryptocurrency hierarchy, SHIB holds the 15th rank, boasting a market capitalization of $4.6 billion.
Polygon extends an invitation to SHIB
Notably, in response to the hurdles Shibarium faced, Mihailo Bjelic, the co-founder of Polygon (MATIC), extended an open invitation to the Shiba Inu community through a post on X (formerly Twitter) on August 30. His proposal entailed bolstering the broader blockchain ecosystem by harnessing Polygon zkEVM technology.
While affirming Shibarium’s resurgence, Bjelic advised other projects situated on Layer 1 or sidechains to contemplate transitioning to Ethereum (ETH) Layer 2 solutions. Concurrently, recent data underscores a noteworthy surge in Shibarium adoption.
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