Shiba Inu price analysis

A cryptocurrency that became well-known in the digital currency industry is called Shiba Inu. It is a digital currency that is community-driven and decentralized and is well-known for its logo, which shows the Shiba Inu dog from the “Doge” meme. The cryptocurrency is well-known for its meme-inspired branding and runs on the Ethereum network.

Shiba Inu makes it to the top 20 cryptocurrencies in the world, will it be worth $1?

It looks like SHIB’s indicators aren’t doing too great right now since they’re still in oversold positions and the meme token isn’t showing any signs of a big rally.

SHIB faces several challenges in its pursuit of reaching $1.The supply of one quadrillion coins dilutes its value, making it unrealistic and unsustainable. The demand for SHIB, driven by its “Shib Army” community, is high, with critics arguing it lacks intrinsic value and is vulnerable to market manipulation. The community relies heavily on influential figures like Elon Musk and Buterin, making SHIB vulnerable to market manipulation.

Regulation is another challenge, as cryptocurrencies become more mainstream, attracting scrutiny from governments and authorities. This can limit SHIB’s growth and innovation, as it may face legal or technical barriers. For example, China’s ban on financial institutions and payment companies providing services related to cryptocurrency transactions in September 2021 caused a sharp drop in SHIB and other cryptocurrencies’ prices. Overall, SHIB faces several challenges in its pursuit of $1.

Shiba Technical analysis

Daily, $SHIB appears to be stabilizing at its horizontal demand zone level and may reverse direction from that region.

Momentum is mixed right now, with the MACD Line above the MACD Signal Line, but the RSI is below 45. 

The closest support zone is $0.000070, but it’s broken now, so it’s down to $0.000055. The nearest resistance zone is $000080, then $0000100, and finally $00001200.

It looks like SHIB hasn’t been able to get out of its funk for a while. The 30-day MACD (yellow) has been way below the 200-day MACD for a while now, and the RSI (purple) hasn’t budged since mid-August. Plus, the support level is slowly going down (green), which means it’s been going down for a while.

All of this means investors have given up on SHIB and it’s unlikely to bounce back anytime soon. But it also means you can buy it at a huge discount since it’s been so oversold. That’s because SHIB has better fundamentals than most of the other meme tokens, like Shibarium Layer-2.

SHIBA INU’s current price and risen this week.

The current live price of Shiba Inu is USD 0.000007, with a 24-hour trading volume of USD 78,429,216.

Shiba Inu(SHIB) price has dropped by 2% over the last 24 hours, reaching a low of $0.0000619, while the cryptocurrency market has barely moved either way.

Shiba Inu’s price has risen by 1% over the past week, but it is still down by 5% over the past 30 days and 15% since January.

Many other major tokens have seen significant declines since January, but SHIB is still the 19th largest coin in terms of market cap.

ShiBA INU prices have gone up and down in the last week and a half. It’s up 0.44%, down 1.58%, and up 0.01% just in the last hour. 

It’s currently trading at $0.0300 per SHIB, which is 78.7% lower than its all-time high. There’s currently a huge supply of 589.346 million SHIBs.

Shiba INU Price Prediction

The price of Shiba INU has fallen during a general decline in the crypto market, but it is seeing an impressive rise in significant investment from major holders.

According to SHIB’s price prediction, Shiba INu’s major holders have surged, signaling accumulation and possible price bottoms. This implies that major players are purchasing the dip in large quantities.

Even though Shiba INU’s price has fallen by 4.2 % in the past 24 hours, the network activity indicates the possibility of a bullish reversal.

If Shiba INU manages to regain a specific key moving average, it could signal a comeback.

While the overall crypto market is still bearish, the recent inflow of whales offers some hope, suggesting potential gains should the wider crypto market rally in relief.

Traders should keep an eye out for confirmation of an accumulation that could signal a recovery, while also being cautious due to meme volatility.

Future Outlook

Suppose Shiba hits $1 for some reason. Who knows when that could happen? But if it does, it’s a huge gain from where it is now. At that price, Shiba’s total market cap would be around $590 trillion. 

Assuming the number of tokens outstanding is the same, that’s a huge amount of money. That means Shiba is the most valuable thing on the planet!