Shiba Inu (SHIB), one of the most popular Ethereum-based ERC-20 tokens and the second largest dog-inspired meme coin by market capitalization after Dogecoin, has come off the boil on Monday. SHIB/USD was last changing hands just over 3.5% lower on Monday in the mid-$0.000011s, now down about 10% from earlier monthly peaks near the $0.000013 level.
Broad downside in crypto markets and across risk assets in the traditional finance space amid caution ahead of a massive week of macro risk events (including Fed, ECB and BoE meetings plus US jobs, ISM and Consumer Confidence data) is the main factor weighing on SHIB on Monday. But the crypto token is still on course to have gained a massive more than 43% this month, which would be its best month since October 2021, when it rocketed a stunning 830% higher.
What’s next for SHIB?
After Shiba Inu broke above its 200-day simple moving average (SMA) earlier this month (consistently breaking that level for the first time since 2021), the uptrend is getting stronger. However, they should be aware that SHIB saw significant bearish technical developments earlier this month.
SHIB/USD has confirmed a downtrend linking the highs of August, October 2022 and January 2023, suggesting a short-term bearish bias for the cryptocurrency. If the macro events this week affect cryptocurrencies (assuming the Fed is much more hawkish than expected), SHIB traders should keep an eye on how the crypto token reacts to the $0.000011 support area. A break below here could open the door to a return under $0.000010.
Crypto Experts Give Their SHIB Price Predictions
According to Cryptonews.com analyst John Isige, a break above the above noted chart pattern would open the door to 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 profit than those experiencing unrealized losses and at the break-even point combined”.
According to Isige, IntoTheBlock`s IOMAP model “shows that investors would be willing to back a Shiba Inu price rally as opposed to selling 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 profit), while 27.15% was out of the money and about 3.2% at the breakeven point.
In the long run, Business 2 Community analysts are optimistic about SHIB in 2023, based on the expectation that Shiba Inu developers will continue to increase the coin’s usefulness by expanding the Shiba Inu web3 ecosystem. “Assets will be an important part of Shibaverse and ShibaSwap, and these use cases can help bring it to $0.000040, about 250% above current levels,” it claims.
“Shiba Inu developers are still working on the Metaverse and decentralized exchanges, and the Shiba Inu community is expected to grow further, so the price of SHIB could exceed $0.0001 by the end of 2025.”
Is it too late to buy a Shiba Inu (SHIB)? Asking if it’s too late to buy an asset is never the right question. The answer is always no. The right question is whether or not to buy the asset. And that depends on how investors evaluate long-term price predictions.
Based on our own research, if you think SHIB will rise significantly in value over the next few years, it might be worth buying some. If not, stay away.
