- Shiba Inu price prediction suggests that SHIB cryptocurrency might recover towards $0.1 valuation in 2023.
- SHIB cryptocurrency has recovered above 20, 50 and 100-days Daily Moving Average while striving towards 200-days Daily Moving Average.
- The SHIB army is all set to witness the most recovery of Shiba Inu price during 2023.
Shiba Inu price prediction suggests the uptrend momentum of SHIB cryptocurrency over the daily time frame chart. Meanwhile, Shiba Inu price is trading with strong uptrend momentum and the higher accumulation rate of buyers. SHIB cryptocurrency needs to maintain the current uptrend momentum for the token to surge towards $0.1. Meanwhile, volume change can be seen above average showcasing the accumulation rate of buyers. Shiba Inu price has successfully broken out of the descending triangle pattern over the daily time frame chart. SHIB army is prepared to witness SHIB crypto’s jump over the daily time frame chart.
Shiba Inu price was at $0.00001041 and has gained 2.06% of its market capitalization during the day’s trading session. Trading volume has increased by 89% during the intraday trading session. This demonstrates that buyers are trying to recover the token above the descending triangle pattern. Volume to market cap ratio is 0.1121.
Shiba Inu price prediction suggests the token’s recovery phase above the descending triangle pattern over the daily time frame chart. SHIB cryptocurrency needs to maintain the current accumulation rate of buyers during the day’s trading session. Meanwhile, SHIB cryptocurrency has recovered above 20, 50 and 100-days Daily Moving Average while striving towards 200-days Daily Moving Average. Shiba Inu price may reach $0.1 valuation as soon as SHIB cryptocurrency sustains above descending triangle pattern.
Shiba Inu Burn Rate has Soared by 400%
Before it may increase to $0.1, the Shiba Inu price must go through a process. Shiba Inu’s current and prospective developments will help the token succeed and may offer the possibility to highlight the potential of the SHIB army on a worldwide scale. However, SHIB can recover to $0.1 via a second and final strategy that involves rapidly and exponentially increasing its burn rate. According to the shibburn website, 410,384,494,802,783 SHIB memecoins have been sent to non-suspendable wallets, increasing the burn rate of SHIB tokens by 494 percent.
Shiba Inu Price in Extreme Overbought Territory – RSI
Technical indicators suggest that Shiba Inu price has entered the extreme overbought territory. Relative Strength Index showcases strong upward momentum over the daily time frame chart. RSI is at 78 and is surging towards extreme overbought territory. MACD exhibits the strong upside momentum of SHIB crypto. The MACD line is way ahead of the signal line after a positive crossover. SHIB army can witness Shiba Inu price to reach towards $0.1 and maintain itself above descending triangle pattern.
Summary
Shiba Inu price prediction suggests the uptrend momentum of SHIB cryptocurrency over the daily time frame chart. Meanwhile, Shiba Inu price is trading with strong uptrend momentum and the higher accumulation rate of buyers. Meanwhile, SHIB cryptocurrency has recovered above 20, 50 and 100-days Daily Moving Average while striving towards 200-days Daily Moving Average. However, SHIB can recover to $0.1 via a second and final strategy that involves rapidly and exponentially increasing its burn rate. Technical indicators suggest that Shiba Inu price has entered the extreme overbought territory.
Technical Levels
Support Levels: $0.0000088 and $0.0000085
Resistance Levels: $0.00001180 and $0.00001400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
