- Shiba Inu price prediction suggests the sustainability issues of Shiab Inu coin price at the primary resistance level as Whales might try to distribute the SHIB token.
- SHIB crypto is getting distributed from the upper resistance level of $0.00001120 and is retreating from there.
- Analysts speculate Shiba Inu whales are selling SHIB tokens as the Shiba Inu coin price has reached the upper threshold over the charts.
Shiba Inu price prediction hints towards the sustainability issues of SHIB crypto price as whales are selling SHIB tokens now. The short selling pressure over Shiba Inu coin price can be observed and the SHIB army is getting uncomfortable with this stoppage in the SHIB rally.
However, analysts still believe that Shiba Inu coin price might initiate its rally and surge maximum during 2023. If the Shiba Inu price breaks out of the primary resistance level of $0.0001120 and sustains above it then SHIB might witness higher highs.
Meanwhile, whales are trying to contradict the current situation of Shiba Inu coin price as the SHIB burn rate has also decreased with the decrease in the SHIB price. Shibarium launch is the event which b fueled Shiba Inu coin price to reach the upper threshold while whales are trying to sell their holdings and are creating the short sentimental situation for SHIB cryptocurrency.
Shiba Inu price was at $0.00001097 and lost 0.99% of its market capitalization during the day’s trading session. Trading volume has increased by 21.04% during the intraday trading session. This demonstrates that buyers are still trying to provide SHIB a kickstart to sustain above the upper threshold. Volume to market cap ratio was at 0.06342.
Shiba Inu price prediction showcases the distribution phase of SHIB token as whales are shorting the market for SHIB cryptocurrency. Trading volume is still below average and needs to grow in favor of buyers during the intraday trading session.
Shiba Inu coin price has been trying to sustain at the 20 and 100-days DMA to surpass the 50 and 200-days Daily Moving Average.
Analysts also added that Shibarium is indeed a hit launch and it will definitely fuel the Shiba Inu coin price to reach $0.1. Reports of Shibarium launch do confirm the facts about Shiba Inu crypto’s maximum recovery during 2023. Nevertheless, the SHIB burn rate must be increased during 2023 to get good results for the SHIB rally in 2023.
Shiba Inu coin price has gained around 35.61% of its market capitalization year to date. Which also confirms the most speculative fact regarding SHIB crypto’s rally during 2023. Quarterly report of Shiba Inu is also positive with a total growth of around 20%.
Will Shiba Inu Price Sustain or Get Detained?
Technical indicators suggest the downside trend of Shiba Inu price over the daily time frame chart. Relative strength index showcases the downtrend momentum of Shiba Inu coin price. RSI was at 42 and is heading towards the oversold territory. MACD exhibits the bullish momentum of Shiba Inu coin price.
The MACD line is approaching the signal line for a positive crossover. The SHIB army needs to wait until Shiba Inu coin price sustains at the upper threshold over the daily time frame chart.
Summary
Shiba Inu price prediction hints towards the sustainability issues of SHIB crypto price as whales are selling SHIB tokens now. Meanwhile, whales are trying to contradict the current situation of Shiba Inu coin price as the SHIB burn rate has also decreased with the decrease in the SHIB price.
Analysts also added that Shibarium is indeed a hit launch and it will definitely fuel the Shiba Inu coin price to reach $0.1. Quarterly report of Shiba Inu is also positive with a total growth of around 20%. Technical indicators suggest the downside trend of Shiba Inu price over the daily time frame chart.
Technical Levels
Resistance level: $0.00001120 and $0.00001365
Support level: $0.00001050 and $0.00000984
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
