Shiba Inu Price Prediction for 2023: When the Price Will Reach the 0.0001 Level?
SHIBA INU website mentioned SHIB as the “DOGECOIN KILLER” with many features like the decentralized exchange, ShibaSwap. Therefore, compared to Dogecoin, investors have a lot of reason to believe that SHIB will explode in the coming years. According to the SHIB’s WoofPaper, SHIB is an ERC-20 token on Ethereum, currently transitioning to proof-of-stake.
According to the SHIBA INU website, they locked 50% of the supply on UniSwap and threw away keys, and burned the remaining 50% to Vitalik Buterin. Later on, Buterin sent 40% of that supply to a dead wallet. Currently, there are 549,095.51B SHIB’s in supply with a market capitalization of $40,372,894,971.
This meme coin became noticeable to mass investors as soon as it saw the transaction volume reach hundred of millions of dollars while reaching the all-time high at 0.00005 on May 10. Later on, this instrument faced a long period of consolidation and finally exploded in October by making the new all-time high at 0.00008854 level.
Let’s see the Shiba Inu price prediction from the SHIB/USDT Technical Analysis:
SHIBA INU Bullish Pennant Pattern Breakout
The Shib price exploded higher with more than 800% in a month, followed by a bullish pennant breakout. If we draw a Fibonacci Extension line from the Bullish pennant high to low, we would see that the current price reached the 3.618 Fibonacci Extension level. Meanwhile, the extreme bullish pressure in the daily chart created a gap between the price and dynamic 20 EMA.
The above image shows the SHIB/USDT daily chart, where the Shiba Inu coin price prediction became volatile after reaching the all-time high at 0.00008854 level. Although the price closed the day with the bearish sentiment, it failed to make a new low the next day. Moreover, there is no sign of a bearish reversal in the daily chart and MACD Histogram. On the ATH day, the bearish daily close touched the 2.2272 Fibo Extension level, making the 0.00006000 level important to traders. Therefore, as long as bulls hold the price above the 0.00006000 level, another bullish surge is possible in the coming days.
SHIBA INU Ichimoku Cloud Analysis
According to the Ichimoku Cloud, SHIB/USDT daily chart is trading at an extremely bullish territory, where the immediate horizontal support level is at 0.00006000 level. In the future cloud, Senkou Span A is above Senkou Span B and heading upwards, which strongly indicates a possible bullish trend in the Shib price. Meanwhile, the price got support from the dynamic Tenkan Sen while rejecting the 0.00006000 static level and closed the day above it. On the other hand, Senkou Span B is below the price and heading upwards, indicating that short-term and long-term investors are bullish.
In the indicator window, RSI is above the 70 level, which indicates a strong buying pressure in the price. Therefore, in the Shiba Inu price prediction, bulls are more likely to eliminate one more zero from the price and test the 0.00010000 psychological level in the coming days. Moreover, the positive news regarding Robinhood’s addition of this coin would be another reason to boost the bullish pressure in shib coin price prediction.
SHIBA INU Intraday Price Action Analysis
In the H4 chart of Shib Coin price prediction, SHIB/USDT is trading within a corrective momentum where the price squeezes to a level with a lower trading volume. Therefore, it is a strong sign of corrective momentum within a symmetrical triangle. As a result, a bullish breakout from the symmetrical triangle within a bullish trend is a strong sign that the price will continue the bullish momentum in the coming days.
Besides, the intraday high volume levels are consecutively making highs, another sign of an extreme buyer’s interest in Shiba Inu coin price prediction. Therefore, a bullish rejection from the dynamic 20 EMA with a bullish H4 close above the triangle would be a good sign of the upcoming bullish pressure in the Shiba coin price prediction towards the 0.00010000 level. Conversely, for bearish possibility, traders should closely monitor how the price reacts at the 0.00006000 level. A deep correction towards the 0.00006000 level would be the last hope for bulls until the daily candle comes below it.
Is SHIBA INU A Buy?
Based on the above discussion of the Shiba Inu price prediction, we can say that the SHIB/USDT has a higher possibility of extending bullish pressure where the primary target would be at the 0.00010000 level. Investors should wait for an intraday bullish candle with a bullish breakout in volumes to join the rally. On the other hand, correcting the 0.00006000 level with a bullish rejection would be another buying opportunity. Only a daily close below the 0.00006000 level would make the Shiba Inu coin prediction questionable towards the bullish zone, and investors may experience a sharp drop in the price towards the 0.00004500 level.
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