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James Carter

March 25, 2023

Shiba Inu Price Prediction-Is it Good Time to Buy?

Even though the US banking crisis is slowly spreading to other parts of the world, especially Europe, the crypto market has been able to keep going. The price of a Shiba Inu stayed about the same, and the buyer’s market at $0.00001 held tight.

Shiba Inu Price Prediction

Along with the banking crisis, which has made many investors nervous and made it seem like regulators are blaming the crypto industry, the US Federal Reserve FOMC meeting decided to raise interest rates by 0.25% earlier this week. This took away the market’s momentum and made it hard for it to keep going up.

In the past 30 days, SHIB has lost 19% of its value and is now worth $0.00001061. The price of the second most popular meme coin has gone down by 5% in the past week, but it has gone up by 3.2% in the past 14 days, according to data from CoinGecko.

Shiba Inu’s market value hasn’t changed much in the last 24 hours, even though the top two cryptocurrencies, Bitcoin and Ethereum, have fallen by 2.3% and 3.2%, respectively. All of the stocks went down, so the total market cap went down by 1.5% to almost $1.2 trillion.

Shiba Inu Price On the Verge of A Wedge Breakout

This week, the way the price of Shiba Inu has responded to uncertainty in the global market has been mostly determined by two key levels. At $0.00001, there is short-term resistance, and at $0.00001, there is a short-term support.

When Shiba Inu stopped going down from its new high in 2023, $0.0000157, in early February, bulls were happy. This made it possible for SHIB to use the available cash at this level and bounce back in the second week of March.

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The recovery began with a lot of energy, but it didn’t last long. Shiba Inu barely touched shoulders with $0.000012, which is a supply area where the 200-day Exponential Moving Average (EMA) is located (line in purple).

After that, there was another small correction, so SHIB had no choice but to go back and retest $0.00001. Now, bulls and bears are in a fierce game of tug-of-war, and neither side wants to give up.

So, the $6.3 billion crypto, which is the fifteenth largest on the market, is stuck in the middle of market uncertainty. This analysis tries to figure out how likely it is that Shiba Inu will get back on an uptrend and climb first to $0.000015, laying the groundwork for the next move to $0.00002, as investors try to push SHIB above $0.0001.

A falling wedge pattern was made when Shiba Inu fell from its highs in February, and the bulls are about to take control again. This is a trend reversal pattern that often shows up after the price of an asset has dropped for a long time or by a lot.

On the chart for the daily time frame, there are two trendlines that connect a series of lower highs and lows. Bulls have lost every time Shiba Inu has tried to break out of the pattern, which has led to more drops.

At the same time, the lower trendline has stopped the downward push, which has let the price move closer to the top of the wedge. In other words, this pattern gives the price time to settle down before the next big move.

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Most of the time, a breakout is expected before the trendlines meet, and it happens when the price goes above the wedge pattern’s upper limit. Traders often put limit orders just above the wedge, which could give them a 42% profit.

Know that if the price moves above the wedge pattern, there will be more volatility and volume. Profit booking can be made in stages, with traders leaving the market around the 200-day exponential moving average ($0.000012) before putting in new orders at $0.000014 and $0.000015, respectively, to control risk.

When you look at the Moving Average Convergence Divergence (MACD) indicator closely, you can see that buyers are in the lead right now. When the blue MACD line went over the red signal line, this was a sign to buy.

To avoid sudden, risky pullbacks, traders who want to buy Shiba Inu may want to wait until the price spikes above the wedge pattern and especially the resistance at $0.00001.

If the MACD moved toward the mean line at 0.00, that would also show that the bulls were affecting the price.

Key Levels For Shiba Inu Price This Weekend – 2-Hour Chart

The outlook for Shiba Inu in the short term is neither bad nor good. But a few key levels and indicators could help traders make smart choices.

Shiba Inu’s price is in a period of consolidation right now, with a lot of buyers crowding into a zone between $0.00001020 and $0.00001040.

Since the second week of March, every time SHIB has moved into or touched the demand area shown by the yellow band on the chart, it has gone up a lot. So, a second look at the same area could be good for the meme coin.

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The POC VAH indicator shows that the Shiba Inu price is having trouble going above the daily open. For day traders, a break above this level at $0.00001062 could bring in more buyers and give them more momentum to fight the trendline resistance.

If the price of Shiba Inu settles above the trendline with dots, we can get used to it and get ready for a retest of the weekly open at $0.00001092. For now, bears and buyers are likely to keep going back and forth until something changes the status quo.