Shiba Inu (SHIB) has weakened from $0.000011 to $0.0000072 since August 12, 2023, and the current price stands at $0.0000077.
However, investor sentiment on the financial markets has improved slightly this trading week after weak jobs data from the U.S. cemented expectations that the central bank is near the end of its interest rate hiking cycle.
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 got if trading with leverage.
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- 1 Investors cautious when investing in meme cryptos
- 2 The number of SHIB addresses surpasses one million
- 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?
Investors cautious when investing in meme cryptos
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.
Like many cryptocurrencies, Shiba Inu is highly volatile, with significant price fluctuations. It is important to say that SHIB has gained attention and saw rapid price increases in 2021, attracting both speculative traders and meme-loving communities.
Today, the market’s perception of SHIB has changed a little bit 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.
The adoption of SHIB by major exchanges, including Binance and Coinbase, has further legitimized the token in the eyes of some bigger investors, but it’s important to exercise caution when investing in meme cryptocurrencies like SHIB.
Their prices can be driven by speculation and social media trends, and they often lack a clear underlying use case or fundamentals. Investors should conduct thorough research and be aware of the risks associated with such investments.
The number of SHIB addresses surpasses one million
Shiba Inu (SHIB) has seen its market cap decrease in the last two weeks, but it is important to say that according to IntoTheBlock, a renowned blockchain data provider, Shiba Inu noticed a significant rise in large transactions valued at $100,000 or more. IntoTheBlock reported that in the last twenty-four hours, there was $29.24 million worth of within large SHIB transactions which is equivalent to approximately 3.75 trillion SHIB tokens.
The surge in large transactions not only demonstrates the renewed enthusiasm and confidence among investors and the SHIB community but also signifies a remarkably positive outlook on the project’s future.
The number of new SHIB addresses also continues to rise, and over the last seven days, the number of addresses within the Shibarium ecosystem has witnessed an impressive surge, crossing the significant milestone of 1 million addresses.
Increased activity, new upgrades, and a growing community are certainly pros for SHIB; however, investors should consider that SHIB is highly volatile and remains a highly risky investment, while the wider dynamics of the cryptocurrency market also play an important role in determining the price of SHIB.
At the same time, recession fears and aggressive monetary policy from major central banks will continue to influence the cryptocurrency market in the weeks ahead.
Technical analysis for Shiba Inu (SHIB)
Shiba Inu (SHIB) has weakened approximately 30% since August 12, 2023, falling from $0.000011 to a low of $0.0000072. Shiba Inu’s current price stands at $0.0000077, and bears continue to control the price movement for now.
Many analysts say that more investors could purchase Shiba Inu (SHIB) in the weeks ahead, but as long the price of SHIB is below $0.000009, the price of this crypto remains in the SELL-ZONE.
Important support & resistance levels for Shiba Inu (SHIB)
On this chart (the period from February 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 $0.0000070, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.0000065. If the price drops below $0.0000060, which also represents a strong support level, the next target could be located around $0.0000050.
What speaks for the rise in the Shiba Inu (SHIB) price
The last two weeks have been negative for the price of SHIB, but the positive information is that the number of new SHIB addresses continues to rise. The number of addresses within the Shibarium ecosystem has witnessed an impressive surge this week, crossing the significant milestone of 1 million addresses.
Shiba Inu also noticed a significant rise in large transactions valued at $100,000 or more this week, which reflects a high level of investor enthusiasm and a remarkably positive outlook on the project’s future. For now, SHIB remains in a bear market, but if the price of this crypto advances above $0.0000090, the next target could be resistance at $0.000010.
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. At the same time, 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 usually correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $25000 support level, that could have a negative influence on the price of SHIB.
What do analysts and experts say?
Although the price of SHIB remains in the bear market, the number of new SHIB addresses continues to rise while Shiba Inu whales continue to be active. Renowned blockchain data provider IntoTheBlock reported that in the last twenty-four hours, there was $29.24 million worth of within large SHIB transactions, and when whales increase their trading activity (transactions worth $100,000 and above), it usually indicates that they are getting confidence in the underlying coin’s short-term price prospects.
If the whales continue to buy SHIB even more, the price of SHIB could advance again above resistance at $0.000010, but investors should also keep in mind that 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.
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.