SHIB Price Prediction: Is Shiba Inu Ready For a Bull Run?

• SHIB price (SHIB) slid 2.36% in the last 24 hours and is currently trading at $0.00000895.
• Shiba Inu (SHIB) whale data states that the whales hold a total of 65.01% of the total supply with a significant decrement of 3% over the past 1 year.

Shiba Inu (SHIB) is a meme coin inspired by the Shiba Inu dog breed. It aims to join the NFT market by supporting dog-themed artists. Shiba Inu (SHIB) became famous after Vitalik Buterin, the co-founder of Ethereum, burned half of the SHIB supply that was given to him by Ryoshi, the creator of SHIBA INU. This made SHIB more scarce and valuable.

The SHIB price is currently trading at $0.00000895 with a decline of 2.36% in the past 24 hours. Shiba Inu holds a total market cap of $5.28 Billion and ranks 14th in the crypto market. 

The SHIB token has a trading volume of $234.6 Million with a decline of 20.36% over the past 24 hours. It has over 589.3 Trillion tokens in circulating supply. The volume-to-market cap ratio of the Shiba Inu token is 4.43% indicating low volatility in the market.

SHIB Price Prediction Using Price Action Strategy

SHIB price analysis reveals that the token slid nearly 30% in May 2023 after the breakdown of crucial support. The price declined and formed a new swing low at $0.00000578. 

Thereafter, the buyers showed some interest and the coin started to recover. the price recovered taking multiple support from a lower trendline thus forming an ascending triangle pattern. Recently, the price made a breakout of the ascending triangle pattern, and the price hiked by nearly 30% in a single day. 

However, the sudden hike in price led to a profit booking and the price slid nearly 20% over the past 3 days. The short-term outlook indicates the price to sustain above the previous breakout zone followed by another surge upwards. 

However, the long-term outlook for the price trend is still mild bearish to neutral as the price failed to break above 200 EMA and it may continue its long-term trend once it breaks below the lower trendline.

Shiba Inu Price Forecast from Indicators’ point of view

As per the EMA analysis, the Shiba Inu price suffered rejection from the 200 EMA showing the presence of sellers near the supply zones. Also, the price is currently trading above the 50 EMA from where it may get support if the price slides.

At the time of publishing, the RSI value of the Shiba Inu token is 59,08 and that of the SMA line is 61.52. RSI signals the bullish momentum in crypto for now.

MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line with increasing height indicating strength in the market.

Conclusion

SHIB price prediction concludes that SHIB price dropped 30% in May 2023 after losing a key support level. It then made a new low at $0.00000578. However, it bounced back and formed an ascending triangle pattern after the breakout of which the price surged 30% in one day. However, it faced profit booking at higher levels and slid 20% in the last three days. The short-term outlook indicates the price to sustain above the previous breakout zone followed by another surge upwards.

Technical Levels

• Support levels: $0.00000862 and $0.00000720.
• Resistance levels: $0.00000987 and $0.00001156.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.