Shiba Inu Price Prediction 2023: Will the Bulls Rise the Price Beyond $0.0002

Key Takeaways:

• The Shiba Inu price is holding hard after raising high by more than 100% since the beginning of 2023, withstanding extreme bearish actions
• The bulls are accumulating strength and hence appear to explode finely in the coming days to set up another bullish wave of more than a 100%.
• The on-chain metrics are flashing bearish signals and hence the price may undergo a notable pullback soon

Shiba Inu Price History

• Shiba Inu was founded by an anonymous founder calling himself ‘Ryoshi’, intending to give a tough competition to Dogecoin. It claims itself to be a Dogecoin Killer
• It began to trade just before the beginning of the 2021 bull run with a minimum price of $0.000000000082 and surged magnificently during the bull run
• It marked the highs beyond $0.000088, eliminating multiple zeros in its value but very soon fell into a deep bearish well ahead
• The price maintained a steep descending trend throughout the year 2022 and marked the bottoms around $0.000078 by the end.
• However, the price has triggered a notable upswing since the beginning of 2023 and could maintain a fine upswing ahead. 

Read More: Dogecoin Price Prediction

Shiba Inu Technical Analysis

Source: Tradingview

• After the recent spike, SHIB prices experienced a minor drain and maintained a consolidated trend between the resistance and support levels
• The price was trading along the trend line which was broken amid the previous drop. Woefully, the price failed to reclaim the levels above the trend line 
• The SHIB prices are assumed to raise back towards the trend line, but the technicals suggest, the prices may go a little lower before triggering a rebound
• Moreover, the price is yet to confirm with the double bottom pattern that may be done with a slight pullback and rebound to the neckline.
• Once the price reaches the neckline, a significant bullish momentum may uplift the price above to reach $0.000013 and later move towards pivotal resistance at $0.00001372 to reach $0.000014 levels.

Overview of Shiba Inu On-chain Analysis:

Shiba Inu Weighted Sentiment

Source: Santiment

For a platform to grow, both the positive and the negative sentiments are very important. Weighted sentiments are an indicator that considers all sentiments, regardless of whether they are positive or negative, and compares them with their frequency of occurrence. If the levels are within the positive range, then the sentiments are bullish else bearish. 

The sentiments were largely bearish for quite a long time. Each time the sentiments go bullish, they are slashed hard toward the negative ranges. Presently, the levels have been depleting, indicating the prevailing negative sentiments for crypto. 

Shiba Inu MVRV Ratio (30D)

Source: Santiment

The MVRV ratio is the comparison between the market value and its realized value to get the fair value of the token. With the fair value, it would be much easier to know whether the current price is undervalued or overvalued. A rise in the MVRV value indicates that the price is overvalued and a drop suggests the price is currently undervalued.

In the case of Shiba Inu, the MVRV ratio has surged extremely high and despite a couple of corrections, the value continues to remain within the bullish regions. It indicates the price could be extremely overvalued and hence prone to drop as the traders may consider extracting their profits from any momentum. 

Shiba Inu Supply on Exchanges & Supply on Top Addresses

Source: Santiment

The supply on the exchanges indicates the number of tokens in the reserves of all the exchanges combined. Meanwhile, the supply in the top addresses or whales indicates the balance in their wallets. A rising supply on the exchanges indicates that traders are willing to sell the token and hence are transferring from their wallets to exchanges. Besides, a drop in the supply on top addresses indicates the whales liquidating their holdings which may negatively impact the price ahead. 

Here, the supply on exchanges as well as the supply on the top addresses, both are plunging significantly. It could be a bullish sign as the traders are holding their tokens in their wallets, anticipating a nice bullish move in the days coming. Meanwhile, a drop in the supply on top addresses indicates the whales are no more accumulating but rather letting out their holdings

Additional Read: Buy Shiba Land in Metaverse

Shiba Inu Price Prediction for 2023

After experiencing an acute bearish trend through the year 2022, the Shiba Inu price has ignited a fine upswing since the start of 2023. The price has risen by more than 90% since then and, woefully, has consolidated slightly from its interim highs. The bulls are holding the price firmly above the critical support, indicating they may revamp the bullish trend soon. 

The price is trading just below the crucial resistance levels at around $0.00001291 and displaying a strong determination to rise beyond these levels soon. The price may rebound and close the Q2 trade at around $0.0000135. During the second half of 2023, the price may gain significant momentum and lay down a fine upswing, and close the yearly trade on a bullish note at around $0.0000189 to $0.00001923

Shiba Inu Price Prediction for 2024

With a bullish year-end, the price may begin a nice upswing from the beginning of 2024. Maintaining a fine ascending trend, the price may rise beyond $0.00002 in the first few days and maintain a strong bullish rally towards the next target. By the end of Q1 2024, the SHIB price could rise above $0.000032, and by the end of H1 2024, the price may secure levels close to $0.000042. 

During the second half of 2024, the SHIB price may intensify its upswing, which may further take the form of a bull run. The price may rise quickly and close the Q3 trade at around $0.000055. Further in Q4 2024, the price rally may be intensified where-in it may surge high but may not mark new highs and remain restricted below $0.00008.

Shiba Inu PRICE PREDICTION 2025-2030

The price is believed to carry forward the momentum from the previous year and may also mark a new ATH in 2025. However, the price may further drop in a huge bearish well which may intensify at the beginning of 2026. The price could remain consolidated throughout 2026 and may also mark the bottom by the end. Further into 2027, the price is believed to begin a recovery phase. 

During the 2028 trade, the SHIB price could begin a fine upswing, which may further transform into a bull run by the end of the year. As the bulls may have gained strength, the price may quickly rise, and by the end of the year 2030, it may have squashed a couple of zeros and closed the trade around $0.00023.

Should you invest in Shiba Inu in 2023? 

Shiba Inu has been one of the most fascinating tokens since its inception, claiming itself as a ‘Dogecoin Killer’. Despite the bearish market, the price maintained a firm upswing despite selling pressure. However, before investing in any token, do deep research about the project and also a close observation of the price movements is imperative.

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