Shiba Inu (SHIB) has weakened more than 25% since April 16, falling from a high of $0.00001186 to a low of $0.00000840. The current Shiba Inu (SHIB) price stands at $0.00000885, which is approximately 44% off from its 2023 highs registered in February.
This downturn has left many investors wondering whether the token is still worth investing in, but there are also some positive signs amid the current market turbulence. However, where is the price of Shiba going next, and what can we expect from the rest of May 2023?
Today, Crypto Lists will discuss 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.
SHIB for mobile top-ups and online shopping?
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- 1 SHIB for mobile top-ups and online shopping?
- 2 Shiba Inu will introduce a cold wallet soon
- 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 an Ethereum-based memecoin 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.
The popularity of Shiba Inu (SHIB) is growing, and according to the latest news, blockchain-based solution provider UQUID has announced that SHIB tokens can now be used for mobile top-ups, online shopping, and in the upcoming SHIB metaverse.
The new integration enables SHIB holders to make purchases online without location-based restrictions, and this move represents another important step toward the mainstream acceptance of meme coins. The announcement was made via a tweet that invited users to “dive into the future” with SHIB and UQUID’s AlphaTopup service.
Alpha Mobile Topup, a B2B company powered by UQUID, offers top-up and data services for Web 3.0 businesses, and its services include mobile top-ups and data bundles, digital products such as e-gift cards and game keys, as well as utility bill payments.
Alpha Mobile Topup serves over 150 million customers globally through its partner network, which could significantly impact SHIB’s use case and overall market perception.
Shiba Inu will introduce a cold wallet soon
Another positive information for the Shiba Inu community, or “Shib army,” is the news that Shiba Inu will introduce Shiba Inu’s cold wallet soon “if everything goes well.” Lucie, a Shiba ecosystem official and content marketing specialist, announced on Twitter this Saturday that a Switzerland-based blockchain company Tangem confirmed its collaboration with Shiba Inu to launch a unique cold wallet solution.
The official SHIB Twitter account is now expected to provide further updates, but Lucie, a Shiba ecosystem official and content marketing specialist, also added:
“Users will be able to store and manage their digital assets, including SHIB, anywhere in the world as the new wallet will support over 6,000 currencies. Users will also be able to gain access to decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized exchanges (DEX) and so on.
The cold wallet shares the same size as a credit card, and as such, users do not need a PC or a laptop; all that is needed is a card and their smartphones.”
The price of SHIB has remained under pressure since April 16, 2023, and the risk of further decline is still not over. According to data from crypto analytics firm TheBlock, more than 70% of SHIB investors are suffering losses on their holdings currently, but it is noteworthy that many of those unprofitable addresses purchased the Shiba Inu token in the $0.000009 to $0.000014 price range.
There are 348,170 such addresses, according to TheBlock, and they hold an extremely solid volume of 281.12 trillion SHIB. This attracts attention first of all because, at these prices, the Shiba Inu token was quoted quite recently, which may mean that they are not losing confidence in the underlying coin’s near-term price prospects.
The actions of this group of investors can be easily explained by the minimal risks that there are when buying in this area, but it is also important to note that the market’s perception of SHIB has shifted from its being a speculative meme coin to a more mature digital asset.
SHIB’s growing community of supporters has certainly helped to establish it as a more stable and credible asset, but the adoption of SHIB by major exchanges, including Binance and Coinbase, has further legitimized the token in the eyes of some bigger investors.
Technical analysis for Shiba Inu (SHIB)
Shiba Inu (SHIB) has weakened from $0.00001186 to $0.00000840 since April 16, 2023, and the current price stands at $0.00000885. On the chart below, I marked the trendline, and as long the price of Shiba Inu (SHIB) is below this trendline, we can’t talk about a trend reversal, and the price of SHIB remains in the SELL-ZONE.
Important support & resistance levels for Shiba Inu (SHIB)
On this chart (the period from December 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Shiba Inu (SHIB) remains under pressure, but if the price advances above the resistance that stands at $0.000010, the next target could be $0.000011.
The current support level is $0.0000080, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.0000075. If the price drops below $0.0000070, which represents a strong support level, the next target could be located around $0.0000060.
What speaks for the rise in the Shiba Inu (SHIB) price
The overall sentiment on the cryptocurrency market can play a crucial role in SHIB’s price trajectory. If investors regain confidence and the market recovers from recent setbacks, an upside potential could benefit Shiba Inu (SHIB) and other major cryptocurrencies.
According to the rules of technical analysis, Shiba Inu (SHIB) remains in a bear market, but if the price advances above the resistance that stands at $0.000010, the next target could be $0.000011 or even resistance at $0.000012.
What indicates further downfall for Shiba Inu (SHIB)
Shiba Inu (SHIB) has weakened more than 25% since April 16, and despite this, market participants should be ready for another potential downward move.
The macroeconomic landscape remains uncertain, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine.
The price of Shiba Inu (SHIB) is also correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $25000 support level, that would certainly have a negative influence on the price of SHIB.
What do analysts and experts say?
Shiba Inu (SHIB) has weakened more than 25% since April 16, but according to the crypto analytics firm TheBlock, there has been buying activity on the part of large holders recently. According to data from TheBlock, many of those holders purchased the Shiba Inu token in the $0.000009 to $0.0000
14 price range. This attracts attention first of all because, at these prices, the Shiba Inu token was quoted quite recently, which may mean that they are not losing confidence in the underlying coin’s near-term price prospects.
Despite this, investors should continue to take a defensive investment approach, especially because the cryptocurrency market remains extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours and even harder to come up with a long-term target price.
The macro risks and contagion still prevail in the crypto industry, and the rising risks of further liquidations, bankruptcies, etc., could lead again to a spike in selling pressure.
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.