SHIB Price Prediction: Will Shiba Inu Rise Again in 2023?

Since September, the Shiba Inu (SHIB) price has witnessed a bullish rally. However, sellers were strong enough in the $0.0000330 territory and had the potential to reverse the trend.

The price of Shiba Inu (CRYPTO: SHIB) has witnessed a bullish rally since September. However, sellers were strong in the $0.0000330 territory and had the potential to reverse the trend.

Buyers lost momentum at the beginning of December, and the SHIB price fell sharply. Amid this fall, the Shiba Inu coin price took support on a significant support level of $0.0000200.

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The SHIB price has been taking support at a crucial support level for a month now. Moreover, buyers attempted twice to trigger a bullish momentum but failed to continue. Recently, the price has faced resistance from the previous high and has lost around 7% in less than a day.

Investors may become interested in Shiba Inu due to indications of a potential rally. With this, the token’s price has recently increased, and many analysts anticipate further growth soon.

It has been speculated that SHIB may reach $0.00023 by the end of this quarter. However, this prediction was made as Bitcoin (CRYPTO: BTC) price rose and the market recovered. It boosted optimism in the cryptocurrency space.

SHIB Chart Structure Signals Massive Rally: Let’s Explore

The cost of Shiba Inu has been rising by almost 10% lately. Additionally, after trading over $103,000, Bitcoin showed a positive trend in the larger cryptocurrency market.

Altcoins like SHIB are seeing an increase in interest as more traders turn to them as the price of Bitcoin rises. The Shiba Inu coin increased 9.49% on the last day, reaching $0.00002431 at the last check.

Shiba Inu price has displayed an incomplete parabolic rally from an ascending trendline. Suppose this bullish momentum continues; investors are expected to boost their portfolio by 10 times.

The movement fits the overall sentiment, as the rest of the cryptocurrency market is trending upward. With this, the Shiba Inu price momentum is holding up.

Analysts think the momentum can potentially drive the price of altcoins to extremely high levels. The increased whale activity or growing community support is one of the factors contributing to the interest in Shib.

Investors are closely monitoring the Shiba Inu coin to see if it can increase in value even as the market outlook remains optimistic.

SHIB Price In A Range: What Could Be Its Outcome?

When writing, the Shiba Inu crypto traded at $0.0000226, which has declined by 6.53% over the past 24 hours. The market capitalization was $13.3 Billion, and the 24-hour trading volume was $919.05 Million.

Based on the technical chart, the Shiba Inu coin price is facing difficulty in exceeding the $0.000025 mark. Once the price triggers a breakout from this territory with good volume, it could be a buying opportunity. If the price holds the $0.000025 mark, the price may grab 45% in a month.

The MACD overpasses the Signal line and heads toward the Zero line. The histograms have remained green even in the consolidation phase, which showcases the bullish forecast.

Conversely, if the Shiba Inu price dives below the major support level of $0.0000200, a profit-booking scenario can be generated. Once the price sustains below this level, the price may react negatively for the next few weeks.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.