Shiba Inu is a much-hyped cryptocurrency in the industry. At the beginning of 2022, it was trading around $0.000033, but it reduced its value within 12 months and is currently trading around $0.0000081 at the beginning of 2023. It suggests the bearish momentum of this meme coin, which does not have strong fundamentals or extensive use cases for a future price surge.
However, recently SHIB community announced an update regarding Shibarium to expand their use cases and make the coin fundamentally strong for the investors. Will this help in improving the performance of the SHIB token? Read our Shiba Inu coin prediction to know.
When writing this post, SHIB was forming support around the current price that might break within a few months to continue the downtrend. Based on the technical indicators, RSI is above 40, and candlesticks are forming around the baseline, but MACD is neutral, suggesting a change in momentum. We can expect a rise in SHIB price up to a level of $0.000009, but it will not cross the level for a bullish trend.
The weekly price chart is extremely bearish because Shiba Inu has formed one weekly green candle (first week of January 2023) after four bearish candles that suggest a strong bear’s grip, which will force the price down within the next few months.
Based on the price action, SHIB will consolidate within a range of $0.000008 and $0.000009 till March; after that, it may break the support to form lower lows for the long term.
We do not think it is an ideal time to invest for the long term, especially in meme coins like Shiba Inu. It is a coin for active traders who can capitalize on the market sentiment.
If you are active on social media, you can add SHIB to your watch list to trade for the short term, but we do not recommend such meme coins for long-term investment because it does not have valid fundamentals.
Experts forecast a volatile 2023, especially for crypto markets, due to several external reasons, so you must keep a close eye on your crypto portfolio and get the latest update on trending cryptocurrencies.