Is it too late to buy a Shiba Inu?Crypto Expert Offers SHIB Price Prediction

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, came to a boil on Monday. SHIB/USD fell just over 3.5% in the mid $0.000011 on Monday and is now down about 10% from its monthly peak near $0.000013.

Risk assets across crypto markets and traditional financial space amid caution ahead of major week of macro risk events (including Fed, ECB, BoE meeting, US jobs, ISM, consumer confidence data) A broader downside in is the main factor weighing on the SHIB on Monday. However, crypto tokens are set to see a massive surge of over 43% this month. This will be the best month since October 2021 when it recorded a staggering 830% rise.

What’s next for SHIB?

The bull market has grown since the Shiba Inu broke above the 200-day Simple Moving Average (SMA) earlier this month (the first sustained breakout above this level since 2021). However, it should be noted that SHIB made a significant bearish technical development earlier this month.

SHIB/USD has confirmed a downtrend linking August 2022, October 2022 and January 2023 highs. This suggests that the cryptocurrency’s short-term bias may be downward. If this week’s macro events weigh heavily on crypto (such as the Fed running into more hawks than expected), SHIB traders should watch how crypto reacts to the $0.000011 support area. A break below could open the door for returns below $0.000010.

Crypto Expert Offers SHIB Price Prediction

According to Cryptonews.com analyst John Isige, a breakout of the above chart pattern could see the October and August peaks tested at the $0.000015 and $0.000018 levels respectively. Isige highlighted his IntoTheBlock data, showing that “there are more SHIB his tokens with unrealized gains than those who have experienced unrealized losses and are at breakeven combined.”

According to Isige, IntoTheBlock’s IOMAP model shows that “investors are willing to support Shiba Inu price increases rather than sell tokens, especially with the upcoming launch of the Shibarium protocol.” There is. For reference, last weekend’s IOMAP model showed 69.95% of the SHIB token supply was “in the money” (i.e. sitting on top of unrealized gains), while 27.15% was out of the money. , and about 3.2% were shown to be out of the money. break-even point.

In the long term, analysts at Business 2 Community are bullish on SHIB in 2023, based on expectations that Shiba Inu developers will continue to increase the utility of the coin through the expansion of the Shiba Inu web3 ecosystem. Shibaverse and ShibaSwap, and their use cases, claim about a 250% increase from current levels, potentially pushing it up to $0.000040.

“Since Shiba Inu developers are still working on the Metaverse and decentralized exchanges, and the Shiba Inu community is expected to grow further, we estimate that the price of SHIB could exceed $0.0001 by the end of 2025. I am,” they added.

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 never. The correct question is whether the asset should be purchased. It all comes down to how investors judge long-term price performance prospects.

If, based on your own research, you believe that the price of SHIB is likely to increase significantly in the future, it may be worth buying. If not, stay away.

Alternatives to SHIB

If you’re looking for other likely crypto projects alongside SHIB, crypto news Industry talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talks section features insights from insiders of the cryptocurrency industry and is not part of the editorial content of Cryptonews.com.}