Shiba Inu (SHIB), one of the most popular Ethereum-based ERC-20 tokens and the second largest dog-inspired meme coin by market capitalization after Dogecoin, has started to boil over on Friday. SHIB/USD last changed hands just over 3.5% lower in the mid-$0.000011s, now down about 10% from its previous monthly peak near the $0.000013 level.
The broad side of the crypto market and beyond risk assets in traditional finance place in the middle of caution before the big week of macro risk events (including Fed, ECB and BoE meetings plus US projects, ISM data and Consumer Confidence) are the main factors that weigh SHIB there. But the crypto token will still gain more than 43% this month, which will be the best month since October 2021, when it rocketed 830% higher.
Where Next For SHIB?
Since the Shiba Inu’s break above the 200-Day Simple Moving Average (SMA) earlier this month – the first sustained break above this level since 2021 – the bulls have intensified. However, they should be wary that, earlier this month, SHIB saw a significant bearish technical development.
SHIB/USD confirmed a downtrend linking the highs of August, October 2022 and January 2023, indicating that the cryptocurrency’s short-term bias may be bearish. If the macro events of this week consider crypto (he said the Fed came more hawkish than expected), then SHIB traders should watch for how the crypto token reacts to the $0.000011 support area. A break below here could open the door to a return at $0.000010.
Crypto Experts Give SHIB Price Predictions
According to Cryptonews.com analysts John Isige, a break above the chart pattern noted above will open the door to a test of the October and August peaks at the $0.000015 and $0.000018 levels. Isige highlighted data from IntoTheBlock showing that “there are more SHIB tokens with unrealized profits than those with unrealized losses and at break-even combined”.
According to Isige, the IOMAP IntoTheBlock model “shows that investors are willing to support the Shiba Inu price rally rather than sell the token, especially when the launch of the Shibarium protocol is on the horizon”. For reference, the IOMAP model at the end of last week shows that 69.95% of the SHIB token supply is “in the money” (ie sitting on unrealized profits), while 27.15% is out of the money and about 3.2% is at breakeven point .
In the long term and based on the expectation that Shiba Inu developers will continue to boost the utility of the coin through the expansion of the Shiba Inu web3 ecosystem, analysts at Business Community 2 are confident about SHIB in 2023. “The asset will be a critical part of the Shibaverse and ShibaSwap, and this use case can help us reach $0.000040,” he said, about a 250% rally from current levels.
“With Shiba Inu developers still working on Metaverse and the decentralized exchange, and the Shiba Inu community expected to grow even more, we estimate that the price of SHIB may cross $0.0001 by the end of 2025,” he added.
Is It Too Late To Buy A Shiba Inu (SHIB)?
Ask if it is too much late purchase never ask the right question. The answer is definitely never. The real question is whether the asset should be purchased or not. And it depends on how investors judge it long-term price performance prospects.
If you think SHIB is likely to increase in value in recent years, based on your own research, it’s worth buying some. If not, then stay away.
If you are looking for other high potential crypto projects along with SHIB, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Discussion Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not part of Cryptonews.com’s editorial content.