Shiba Inu (SHIB), one of the most popular Ethereum-based ERC-20 tokens and the second largest dog-inspired meme coin by market cap after Dogecoin, came out of the boil on Monday. SHIB/USD last changed hands just over 3.5% lower on Monday at the mid-$0.000011 level, now down 10% from previous monthly highs near the $0.000013 level. .
Wide Disadvantage in Crypto Markets and Everything risky assets in traditional finance the room amid caution ahead of a massive week of macro event risk (including Fed, ECB and BoE meetings, plus US jobs data, ISM and consumer confidence) is the main factor weighing on SHIB on Monday. But the crypto token is still on track to have gained over 43% this month, which would be its best month since October 2021, when it shot up an impressive 830% more.
What’s next for SHIB?
Since the Shiba Inu’s break above its 200-day simple moving average (SMA) earlier this month, the first sustained break above this level since 2021, the bulls have gotten stronger. However, you should note that earlier this month, SHIB experienced a significant bearish technical development.
SHIB/USD confirmed a downtrend linking the August, October 2022, and January 2023 highs, suggesting that the short-term bias of the cryptocurrency could be to the downside. If this week’s macro events weigh on cryptocurrencies (let’s say the Federal Reserve is much more aggressive than expected), then SHIB traders should watch how the crypto token reacts to the $0.000011 support area. A break below here could open the door for a return below $0.000010.
Crypto Experts Give Their SHIB Price Predictions
According to Cryptonews.com analyst juan isige, a break above the aforementioned chart pattern would open the door for a test of the October and August peaks at the $0.000015 and $0.000018 levels respectively. Isige highlights data from IntoTheBlock showing that “there are more SHIB tokens with unrealized gains than those experiencing unrealized losses and breakeven combined.”
According to Isige, IntoTheBlock’s IOMAP model “shows that investors would be willing to back a Shiba Inu price rally 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 SHIB token supply is “in the money” (i.e. sitting on an unrealized gain), while 27.15% was out of the money and about 3.2% at breakeven.
In the longer term and based on expectations that Shiba Inu developers will continue to drive the utility of the coin through the expansion of the Shiba Inu web3 ecosystem, Business 2 Community analysts are bullish on SHIB in 2023. “The asset will be a critical part of the Shibaverse and ShibaSwap, and these use cases could help drive it to $0.000040,” they argue, an increase of about 250% from current levels.
“With the Shiba Inu developers still working on their Metaverse and decentralized exchange, and the Shiba Inu community expected to grow further, we estimate that the SHIB price could cross $0.0001 by the end of 2025,” they add.
Is it too late to buy Shiba Inu (SHIB)?
Wondering if it’s too much late to buy an asset is never the right question. The answer is always never. The correct question is whether or not an asset should be purchased. And that depends on how an investor judges his long-term price performance outlook.
If you think the price of SHIB is likely to rise substantially in current years, based on your own research, it’s probably worth buying. If not, then walk 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 the CryptoNews Industry conversation team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.