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- SHIBA has risen more than 70% from the DEC 2022 and may continue to rise to a new high.
- Technical indicators are currently favoring a upside momentum in price.It has seen a drop of 2% in the intraday session
Shiba Inu Price prediction suggests that SHIB may see a strong recovery in the future. SHIBA is also called “ DOGE Killer” and has gained a wide popularity as a meme coin. It has been surging in an upside trend from the past few months. Shibarium has been credited to take SHIBA to the next level by allowing to build smart contracts which works seamless. Shymotshi kusama a developer of SHIBA Inu has recently wrote his experience about shibarium and its short comings. He explained in his blogs that he wants to make Shibarium viable for everyone present. SHIBA has an ROI of 817164.17% which has benefited a lot of investors. It has seen a fall of more than 85% from its all time high.
SHIBA is currently ranked 13th in the cryptoverse and has a market cap of $7 Billion.Volume of the asset price has seen a decline of over 38% in the intraday session. Volume to the market cap ratio of SHIBA suggests a consolidated trend in the future.
Bulls Of SHIBA Gearing Up For A New High
The weekly technical chart of the daily chart suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.0000132 with a drop of 2.22% in the intraday session. It is currently consolidating in a zone but can move to a new high in the near future. On the daily chart it can see a halt near the value of $0.000025. Meanwhile the support of the asset price can be seen near $0.00001.It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high in the future. It may see a rally to previous all time highs.
RSI of the asset price can be seen near the value of 55 suggesting its presence in the oversold zone. There is a downside slope suggesting a consolidated momentum in price.
Conclusion
SHIBA is currently seeing a consolidated trend due to the consolidation in crypto market. Various analysts are expecting a strong growth in price in near future.
Technical Levels
Major Support: $0.000010
Major Resistance: $0.000018
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading any stock or crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
