Is it Too Late to Buy Shiba Inu? Crypto Experts Give Their 2023 SHIB Price Predictions
In recent years, the cryptocurrency space has seen a surge in the development and distribution of so-called “meme coins,” which have often been met with skepticism and accusations of being crypto scams. Despite the critics, these coins have managed to defy expectations by outperforming many large-cap coins and creating obscene wealth for some of their holders (while losing just as much money for others). The success of meme coins has been highlighted by the astronomical rise of Dogecoin (DOGE) and Shiba Inu (SHIB).
While it was a challenging year for the cryptocurrency market, Shiba Inu held its ground and secured its spot among the top digital currencies in 2022. Shiba Inu holds 15th place when ranked by marketcap, at an impressive $4.39 billion.
Shiba Inu Price Prediction and Technical Analysis
Shiba Inu’s price sits at $0.00000798 as of writing, testing the levels where it began its 108% Q3 run back on June 21, which topped out on August 14. Investors are looking for a potential bottom in SHIB as the financial and risk asset markets look to recover in 2023.
Exponential Moving Averages (EMA)
Daily Exponential Moving Averages (EMA) are still bearish as prices are trading below the EMA 20, EMA 50, and EMA 100. A sign of a trend reversal would be for the price to break these key resistance levels on the daily timeframe and for the EMAs to rearrange themselves in a bullish alignment.
Relative Strength Index (RSI)
The Relative Strength Index (RSI) for SHIB is currently at a low of RSI 38.67–below the key level of RSI 40. To suggest an exit from this bearish period, the price must break past both the RSI 40 and 50 resistance levels to point to a potential trend reversal.
Moving Average Convergence Divergence (MACD)
The SHIB Moving Average Convergence Divergence (MACD) has attempted several unsuccessful bullish crossovers over the past few days. As observed from the histogram, both the MACD and signal lines are so close to each other that it could suggest a move is due in the near future.
Price Action, Support, and Resistances
After having a massive 108% run in Q3 of this year, SHIB is back at the levels where the run started–down by 50%. The price is trading at a key support range between $0.00000799 to $0.00000816 as SHIB’s price keeps searching for a potential bottom. If this area fails to hold, the price could tumble all the way to the next potential support area of $0.00000610 to $0.00000630.
Shiba Inu (SHIB) Fundamental Analysis
The Shibarium Protocol
Shytoshi Kusama, Shiba Inu’s lead developer, has confirmed that the launch of the Shibarium protocol, a blockchain scaling solution that could drastically change SHIB’s position in the cryptocurrency industry, is “very soon’”
The news comes following a successful meeting between Kusama and UnificationUND, key builders of the Shiba Inu ecosystem. Investors are optimistic ahead of this major launch, and there is hope that it could significantly drive up SHIB’s price by early 2023. With such a hotly anticipated move on the horizon, investors should keep a close eye on developments in the days and weeks to come
