Although there has been significant expansion within the Shibarium network in recent days, the price of Shiba Inu (SHIB) has not mirrored this upward trend.
Shiba Inu (SHIB) has weakened from $0.0000096 to $0.0000076 since November 11, 2023, and the current price stands at $0.0000081.
Following Changpeng Zhao’s announcement of stepping down as Binance’s CEO and the exchange’s agreement on a $4 billion fine with the DOJ, the crypto market experienced a correction. Consequently, Bitcoin’s price plummeted from above $36,000 to the mid-$35,000s before starting to recover. Nonetheless, the impact had taken its toll, pulling down the altcoin market alongside it.
Today, Crypto Lists will discuss Shiba Inu (SHIB) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Go directly to
- 1 Shiba Inu (SHIB) is characterized by substantial price swings
- 2 Transaction numbers significantly surged on Shibarium
- 3 Technical analysis for Shiba Inu (SHIB)
- 4 Important support & resistance levels for Shiba Inu (SHIB)
- 5 What speaks for the rise in the Shiba Inu (SHIB) price
- 6 What indicates further downfall for Shiba Inu (SHIB)
- 7 What do analysts and experts say?
Shiba Inu (SHIB) is characterized by substantial price swings
Shiba Inu (SHIB) is an Ethereum-based meme-coin inspired by Dogecoin, launched in 2020 by an anonymous developer known as Ryoshi. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant and has a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
Similar to numerous other cryptocurrencies, Shiba Inu displays a high level of volatility, characterized by substantial price swings. It’s noteworthy to mention that SHIB garnered considerable attention and experienced rapid price surges in 2021, drawing interest from both speculative traders and meme-centric communities.
Presently, the perception of SHIB in the market has shifted somewhat, transitioning from a speculative meme coin to a more established digital asset.
The increasing community of supporters for SHIB has undoubtedly contributed to solidifying its position as a more stable and reputable asset. The adoption of SHIB by prominent exchanges such as Binance and Coinbase has added credibility to the token among certain larger investors. However, it remains essential to approach investments in meme-based cryptocurrencies like SHIB with caution.
Transaction numbers significantly surged on Shibarium
Positive information is that over the recent days, there has been a noticeable surge in the volume of transactions conducted on the Shibarium network. As of November 19, the network had recorded a total of 8,930 transactions. However, by November 22, this number had notably surged to an impressive 34,670 transactions, marking a 288% increase within three days. Consequently, the cumulative number of transactions on the network since its inception has surpassed 3.578 million.
There was also a slight increase in the number of active accounts on the network, although this rise was comparatively smaller in magnitude when compared to the transaction count. Active accounts rose from 569 on November 20 to 648 on November 22 but despite the expansion observed in the Shibarium network, the price of Shiba Inu (SHIP) has not mirrored this trend.
One factor contributing to this is related to the correction witnessed in the crypto market following Changpeng Zhao’s announcement of stepping down as Binance’s CEO and the exchange’s agreement on a $4 billion fine with the DOJ. Consequently, Bitcoin’s price declined from above $36,000 to the mid-$35,000s which also negatively influenced the price of SHIB.
Investors must bear in mind that cryptocurrency markets are renowned for their extreme volatility and because of this investing in cryptocurrencies should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space.
In the weeks to come, Shiba Inu (SHIB) and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC), alongside concerns about a recession, the situation in the Middle East, and the monetary policies of major central banks.
Technical analysis for Shiba Inu (SHIB)
Shiba Inu (SHIB) has weakened approximately 20% since November 11, 2023, falling from $0.0000096 to a low of $0.0000076. Shiba Inu’s current price stands at $0.0000081, and as long the price of this cryptocurrency stands above $0.0000075 there is no risk of a bigger sell-off.
Important support & resistance levels for Shiba Inu (SHIB)
On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. Shiba Inu (SHIB) continues to be under pressure, but if the price advances above $0.0000090, the next target could be resistance at $0.000010.
The important support level is $0.0000075, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.0000070. If the price drops below $0.0000070, which also represents a strong support level, the next target could be located around $0.0000065.
What speaks for the rise in the Shiba Inu (SHIB) price
The last several days have been negative for the price of SHIB, but the positive information is that in the same period, there has been a noticeable surge in the volume of transactions conducted on the Shibarium network. As of November 19, the network had recorded a total of 8,930 transactions. However, by November 22, this number had notably surged to an impressive 34,670 transactions, marking a 288% increase within three days.
At the same time, there was also a slight increase in the number of active accounts on the network and it is important to say that active accounts rose from 569 on November 20 to 648 on November 22. This reflects a high level of enthusiasm and a positive outlook on the project’s future but for the bulls to take again control of the price, a move above $0.0000090 would be beneficial.
What indicates further downfall for Shiba Inu (SHIB)
Shiba Inu (SHIB) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The downfall of SHIB can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more.
Market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market. The price of Shiba Inu (SHIB) is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $35000 support level, that could have a negative influence on the price of SHIB.
What do analysts and experts say?
Although the price of SHIB has remained under pressure last several days, the number of new SHIB addresses continues to rise while Shiba Inu whales continue to be active. Growing trading activity and the number of new addresses are certainly positive indicators for the price of SHIB and could lead to price growth in the future, but it is also important to keep in mind that the overall sentiment on the cryptocurrency market can play a crucial role in SHIB’s price trajectory.
The cryptocurrency market has historically been known for its volatility, and while efforts were being made to stabilize the market, many crypto analysts agree that fluctuations are still expected to be a common occurrence. There are expectations of “market turbulence” from looming recession concerns and macro uncertainty, and because of this investing in SHIB should be approached with careful consideration.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.