Shiba Inu (SHIB), the second-largest meme-cryptocurrency on the market by market cap after Dogecoin, plummeted in value on Monday. SHIB is down just under 2% in the last 24 hours and is currently trading around $0.00001188. It is also down about 10% from previous monthly highs near the $0.000013 level.
General decline in crypto markets and risk assets in the traditional financial space amid caution ahead of a macro-intensive week (in particular, meetings of the Federal Reserve Bank, the European Central Bank and the Bank of England, as well as the release of data on employment, ISM and consumer confidence in the United States ), is the main factor that put pressure on SHIB on Monday. But the asset is still on the right track after rising over 43% in January, its best month since October 2021, when its price recorded a staggering 830% gain.
What is the direction for SHIB?
Since the Shiba Inu broke through its 200-day simple moving average (MMS) earlier this month — the level was broken for the first time since 2021 — the bulls have been bullish. However, they should beware that SHIB experienced a significant bearish technical move earlier this month.
Indeed, a short-term downtrend is being confirmed, linking the highs of August, October 2022 and January 2023. SHB is in the $0.000011 support zone. A break below this zone could open the door for a move back below $0.000010.
Expert SHIB Price Predictions
A break above the chart above would open the door to testing the October and August highs at $0.000015 and $0.000018, respectively, according to Cryptonews.com analyst John Isige. Ishige highlights IntoTheBlock data showing that “there are more SHIB tokens with unrealized gains than there are tokens with unrealized losses and are at the break-even point combined.”
According to Ishige, the IOMAP IntoTheBlock model “shows that investors will be willing to support the rise in the price of the Shiba Inu rather than sell the token, especially with the launch of the Shibarium protocol on the horizon.” For reference, the IOMAP model at the end of last week showed that 69.95% of the supply of SHIB tokens is “in the money” (i.e. in the unrealized profit zone), and 27.15% is “out of the money” and about 3.2 % in the neutral zone.
Looking to the future and based on expectations that Shiba Inu developers will continue to increase the utility of the coin by expanding the Shiba Inu web3 ecosystem, Business 2 community analysts are optimistic about SHIB in 2023. “The asset will become the backbone of the coin. Shibaverse and ShibaSwap, and these use cases could help bring it up to $0.000040,” they claim, which is about 250% more than current levels.
“While the Shiba Inu developers are still working on their metaverse and decentralized exchange, the Shiba Inu community is expected to continue to grow and we estimate that the price of SHIB could exceed $0.0001 by the end of 2025,” they add.
Should I buy a Shiba Inu (SHIB)?
If, based on your own research, you think SHIB is likely to increase in value significantly in the coming years, it might be worth buying. Otherwise, stay away.
If you are looking for other high potential crypto projects, we have reviewed the top 10 cryptocurrencies for 2023 as analyzed by the CryptoNews Word of Experts team.
Disclaimer: The Voice of the Experts section represents the opinions of crypto industry players and is not part of the editorial content of Cryptonews.com.
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