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- 1 Shiba Inu price prediction showcases the consolidation phase of SHIB crypto inside a horizontal range-bound area.
- 2 Shiba Inu coin price is trading below 20, 50, 100 and 200-days daily moving average.
- 3 Shiba Inu cryptocurrency has declined around 10.67% year to date.
Shiba Inu price prediction highlights the potential for significant milestones to be achieved by SHIB cryptocurrency by the end of 2023 as it experiences a breakout. However, buyer accumulation must rise in order so that Shiba Inu coin’s price at the upper limit of the consolidation phase.
Notably, Shiba Inu cryptocurrency has been on a decline since August 30th, starting at $0.00000848. However, there is now a notable increase in trading volume, favoring buyers. This suggests that Shiba Inu coin appears determined to break out from its primary resistance level at $0.00000759.
Shiba Inu coin price slipped from the $0.00000848 recovery level on August 13th and was caught inside the horizontal range of $0.00000758 and $0.00000704.
Shiba Inu price was at $0.00000721 with market capitalization gaining 0.84% intraday. Notably, the trading volume increased by 8% intraday, indicating that buyers are actively accumulating positions in an effort to potentially drive up the price of Shiba Inu coin from the primary resistance level. The volume to market cap ratio was at 1.53%, further suggesting increased trading activity in relation to the coin’s market capitalization.
Will Shiba Inu Price Register its Breakout?
The Shiba Inu price prediction reveals that SHIB crypto is currently facing challenges in breaking out of its horizontal range-bound area on the daily time frame chart. Volume change is currently below the average.
Furthermore, Shiba Inu coin’s price is currently trading below its 20, 50, 100, and 200-days daily moving averages, indicating a bearish trend in the short to long term. These technical indicators suggest that SHIB is struggling to gain momentum and move higher.
Over the past week, Shiba Inu’s price has declined by approximately 1.50%. Last month, it saw a decrease of 5.88%.
Over a three-month period, Shiba Inu coin’s price has slumped by about 1.64%, and the decline extended to 33.70% over the last six months. Furthermore, when considering the year-to-date performance, SHIB crypto’s price slipped by approximately 10.67%. These trends indicate that SHIB has encountered difficulties in terms of its performance in various time frames throughout the year.
Technical indicators highlight the uptrend of Shiba Inu crypto over the daily time frame chart. Relative strength index (RSI) confirms the upward momentum of SHIB. RSI was at 42 and is moving towards neutrality. Investors in Shiba Inu cryptocurrency need to wait until SHIB crypto price approaches the upper threshold of the consolidation phase.
Summary
Shiba Inu price prediction indicates the potential for significant milestones to be achieved by SHIB cryptocurrency by the end of 2023 as it experiences a breakout. Notably, Shiba Inu cryptocurrency has been on a decline since August 30th, starting at $0.00000848. These trends indicate that SHIB has encountered difficulties in terms of its performance in various time frames throughout the year.
Technical indicators highlight the uptrend of Shiba Inu crypto over the daily time frame chart.
Technical Levels
Support Levels: $0.00000712 and $0.00000705
Resistance Levels: $0.00000740 and $0.00000760
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 crypto or stock 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.
