Shiba Inu price prediction showcases the upside trend of SHIB cryptocurrency over the daily time frame chart. SHIB crypto needs to attract more buyers to remain above the positive sloping line which is basically a support line for Shiba Inu. Shiba Inu price might surge maximum during 2023 according to the analysts from a respectable cryptocurrency firm. SHIB crypto has been surging after escaping the descending triangle pattern and continued its recovery from the start of 2033.
Shiba Inu price was at $0.00001329 and gained 1.06% of its market capitalization during the day’s trading session. Trading volume has increased by 28.46% during the intraday trading session. This demonstrates that buyers are trying to push Shiba Inu to remain above the upward sloping line over the daily time frame chart.
Shiba Inu price prediction showcases the upside trend of SHIB crypto over the daily time frame chart. Shiba Inu price has been trying to maintain itself above the upward sloping line over the daily time frame chart. Analysts also believe that SHIB might recover maximum during 2023 as the recovery phase of cryptocurrency market initiates from 2023.
Trading volume is still below average and needs to grow during the intraday trading session. Meanwhile, the Shiba Inu price is trying to remain above the 20, 50, 100 and 200-days Daily Moving Average.
Shib Burn Rate has Declined by 50%
Shib’s burn rate has dropped by more than 50% today, indicating a quick burning process that may one day allow the cryptocurrency’s price to hit $1. Analysts are speculating that the launch of Shibarium will help the price of the Shiba Inu reach $1, and as that time draws near, the SHIB army grows eager to see the SHIB cryptocurrency rally to its maximum during the launch of Shibarium.
Before the Shiba Inu price can increase to $1.00, a process must be completed. Shiba Inu’s current and future developments will help the token succeed and may offer a chance to highlight the potential of the SHIB army on a global scale. However, SHIB can reach $1.00 using the second and final way by rapidly and exponentially increasing its burn rate. 410,385,141,032,717 SHIB memecoins have been delivered to unsuspendable wallets, while the burn rate of SHIB tokens has decreased by 50%, according to the website shibburn.com.
Will Shiba Inu Price Reach $0.1?
Technical indicators suggest the SHIB token’s declining momentum over the daily time frame chart. Relative strength index showcases the downside trend of SHIB cryptocurrency. RSI was at 53 and might break down from neutrality. MACD exhibits the downtrend momentum of the SHIB token. The MACD line is below the signal line with no sign of any crossover. The SHIB army needs to wait until the token surges from the support line, which is the upward sloping line.
Summary
Shiba Inu price prediction showcases the upside trend of SHIB cryptocurrency over the daily time frame chart. SHIB crypto needs to attract more buyers to remain above the positive sloping line which is basically a support line for Shiba Inu. Shib’s burn rate has dropped by more than 50% today, indicating a quick burning process that may one day allow the cryptocurrency’s price to hit $1. Technical indicators suggest the SHIB token’s declining momentum over the daily time frame chart. The SHIB army needs to wait until the token surges from the support line, which is the upward sloping line.
Technical Levels
Support Levels: $0.00001270 and $0.00001200
Resistance Levels: $0.00001450 and $0.00001590
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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
Source: https://www.thecoinrepublic.com/2023/02/23/shiba-inu-price-prediction-shib-to-rally-from-here-analysts/