In recent years, the crypto market has seen a surge in the emergence and distribution of so-called “meme coins”. These have often been met with suspicion and allegations that they may be scams. Despite the criticism, some of these coins have experienced tremendous growth, creating huge wealth for their owners, albeit with the potential for equal losses. Dogecoin and Shiba Inu (SHIB) have emerged as the most successful meme coins.
Shiba Inu has been remarkably resilient during the year, with a market capitalization of $4,390 that places it 15th in the digital currency rankings.
Shiba Inu Price Prediction and Technical Analysis
At the time of writing, Shiba Inu is trading at $0.00000798. This price is testing the level at which it began its 108% surge in the third quarter, which reached its peak on August 14. It is now trying to regain its footing in 2023.
Exponential Moving Averages (EMA)
The daily exponential moving averages (EMA) remain bearish as the prices are trading below the 20, 50 and 100 EMA. If the prices break the resistance of the EMA framework, it could indicate a change in trend.
Relative Strength Index (RSI)
The Relative Strength Index (RSI) of SHIB is at a low level of 38.67, below the key RSI 40 level. To signal a move out of the bear market, prices must break above the RSI 50 and 40 resistance levels.
Moving Average Convergence Divergence (MACD)
The SHIB Moving Average Convergence-Divergence (MACD) made several failed bullish crosses over the past few days. The MACD histogram shows that the MACD and signal lines are close to each other, suggesting that there could be a move in the near future.
Price Action, Support and Resistance
After its 108% surge in the third quarter, SHIB is back to the level where it began, having dropped by 50%. The price is now trading in the key support range of $0.00000799 to $0.00000816. If this area fails to hold, the price could go down to the next potential support range of $0.00000610 to $0.00000630.
Shiba Inu (SHIB) Fundamental Analysis
The Shibarium Protocol
Lead developer of Shiba Inu, Shytoshi Kusama, has confirmed that the Shibarium Protocol, a blockchain scaling solution that could dramatically alter SHIB’s position within the cryptocurrency landscape, is set to launch “very soon”. After the successful meeting between the two sides, the protocol is now available for investors, who are optimistic about the launch and believe it could significantly increase the price of SHIB by early 2023. Investors should keep an eye on the developments over the coming days and weeks as this long-awaited move is made.
As we have seen, the potential effects of the Shibarium Protocol on the Shiba Inu Price are not the only thing to consider. When making investment decisions, it is important to look at the fundamentals. With that in mind, let’s move on to some other altcoins with solid foundations and potential for future returns.
Other Top Altcoins You Should Invest In
We have identified three other promising cryptocurrency projects that have strong development teams and strong investor interest.
Fight is expected to be a highly sought-after cryptocurrency project in 2023. It is currently offering its token FGHT for sale during its presale. What sets Fight apart from other projects is its focus on overall fitness. The project is based on a “move-to-earn” (M2E) system, where users can earn both virtual and tangible rewards for increasing their fitness level through a network that includes physical gyms. The app will allow users to access personalized workouts and videos from personal trainers.
Users can also earn REPS tokens when they complete training or win competitions. These rewards can be used to purchase training equipment or sessions, FightOut merchandise, and other in-app products. The avatar, an immutable, non-transitory NFT also known as the “soul-bound” token, will accompany users on their fitness journey and help them shape up. Users can then compete against their avatars in “The Arena”.