Is it too late to buy a Shiba Inu? Crypto experts give their SHIB price predictions
Shiba Inu (SHIB), an Ethereum-based ERC-20 crypto-token and the second most popular dog-inspired meme coin after Dogecoin, sees a decent decline on Friday after a choppy few days. SHIB/USD last changed hands just north of $0.000013 and slightly above its 21-day moving average of $0.0000129, but is still about 6.0% lower compared to previous weekly highs in the $0.000014 range.
Shiba Inu has shrugged off a few negative headlines in the last day or two, including a big drop in the crypto token’s burn rate, according to shibburn.com – SHIB burns dropped over 90% in the last 24 hours. Meanwhile, one of the top Shiba Inu developers recently announced on his Telegram channel that 50 projects that had expressed interest in building on Shiba Inu’s upcoming layer-2 Ethereum scaling solution protocol were no longer responding to his messages.
Shiba Inu developers hope to take the bulk of SHIB trading off the Ethereum blockchain soon with the launch of their own scaling solution, which is also designated to facilitate rapid expansion of Shiba Inu’s web3 ecosystem.
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Evidence of increased Ethereum whale buying is likely helping to support SHIB’s price. According to blockchain activity monitoring website WhaleStats, Shiba Inu was among the 10 most bought coins of the top 500 Ethereum whales in the last 24 hours.
According to a tweet from the site on Thursday, Shiba Inu is the largest non-stablecoin ERC-20 token owned by the top 2,000 Ethereum whales. They own a total of $679 million, well ahead of the next non-stablecoin ERC-20 token Polygon (MATIC) at $192 million.
Where next for the Shiba Inu?
Shiba Inu’s technical bias looks positive. First, the cryptocurrency continues to receive support from a short-term uptrend that has been in play since late January, as well as from the 21DMA. Meanwhile, SHIB’s medium-term bias is also looking good after the cryptocurrency broke north of a long-term downtrend line in early February that had been in play since last August.
While SHIB/USD remains around 17% lower compared to previous monthly highs in the upper $0.000015s, a retest of these levels in the coming weeks looks likely, especially in light of the recent “golden cross” . This is where the 50DMA crosses over the 200DMA and is taken by many technicians as a buy signal, or at least a medium-term bullish sign.
If SHIB was able to break above its previous monthly highs just below $0.000016, it would open the door to a quick rally towards the long-term support-turned-resistance area of $0.000018. A break above here would unlock a potential move towards another key area of support turned resistance near $0.000022.
Crypto expert gives SHIB price outlook
According to popular crypto-focused YouTuber HueFin News, SHIBA will continue to have a positive upside bias as long as it remains above the trend line that connects the bottom in late December and early January.
Is it too late to buy a Shiba Inu (SHIB)?
Asking if it is too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And it depends on how an investor assesses his long-term outlook for price development.
If you consider SHIB likely to rise significantly in price over the current years, based on your own research, it is probably worth buying. If not, stay away.
SHIB options
If you are looking for other crypto projects with high potential along with SHIB, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
