Shiba Inu Price Prediction 2023: Will SHIB Make It To and Over Its ATH?

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In this Shiba Inu (SHIB) Price Prediction 2023, we will analyze SHIB price patterns using accurate and trader-friendly technical analysis indicators and predict the future movement of this cryptocurrency.

Current state of the Shiba Inu market

Current Price$0.0000114424-Hour Trading Volume$577,198,83824-Hour Price Change5.67% UpCirculating Supply589,544,919,378,868High Point$0.00008845 (As of October 28, 2021)

Current state of the SHIB market (Source: CoinMarketCap)

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) it launched on the Ethereum blockchain and also resides on the BNB Chain. This popular memecoin was developed and launched in 2020 by a pseudonymous founder, Ryoshi. Shiba Inu exists as a potential competitor to the largest memecoin, Dogecoin (DOGE).

The Shiba Inu ecosystem is likely to launch its layer 2 blockchain called shibarium by 2023. In March 2023, the beta of Shibarium, called Puppynet, was released. Along with SHIB, Bone ShibaSwap (BONE) and Doge Killer (LEASH) are other tokens in the Shiba Inu ecosystem.

It may interest you: Dogecoin Price Prediction for 2023: New ATH for DOGE?

Shiba Inu (SHIB) Price Prediction for 2023

Shiba Inu (SHIB) is ranked 13th on CoinMarketCap in terms of market capitalization. The overview of the Shiba Inu price prediction for 2023 is explained below with a daily time frame.

SHIB/USDT Ascending Triangle Pattern (Source: Tradingview)

On the above chart, Shiba Inu (SHIB) presented an ascending triangle pattern. The ascending triangle is a characteristic pattern of an ongoing uptrend. This triangle is formed by a horizontal upper trend line connecting the highs and a lower trend line connecting the rising lows.

If the trend is broken at the resistance level, the price will continue to rise in this ascending triangle pattern.

At the time of analysis, the price of the Shiba Inu (SHIB) was recorded at $0.00001117. If the trend of the pattern continues, the SHIB price could reach the resistance levels of $0.00001515 and $0.00002980. If the trend reverses, then the SHIB price may drop to the support at $0.00000780.

Shiba Inu (SHIB) Support and Resistance Levels

The following chart shows the support and resistance levels of Shiba Inu (SHIB).

In this Shiba Inu (SHIB) Price Prediction for 2023, we will analyze price patterns using technical analysis indicators.SHIB/USDT support and resistance levels (Source: Tradingview)

From the daily time frame above, we can clearly interpret the following as the resistance and support levels for Shiba Inu (SHIB).

SHIB/USDT support and resistance levels:

Level 1 Resistance$0.00001419Resistance Level 2$0.00001969Support Level 1$0.00000993Support Level 2$0.00000788

Based on the analysis above, if the Shiba Inu (SHIB) bulls get the upper hand, they could hit and break its $0.00001969 resistance level.

Conversely, if Shiba Inu (SHIB) bears dominate the trend, SHIB price could drop to $0.00000788.

Shiba Inu (SHIB) Price Prediction for 2023: RVOL, MA and RSI

Technical analysis indicators such as Shiba Inu (SHIB) Relative Volume (RVOL), Moving Average (MA) and Relative Strength Index (RSI) are displayed on the chart below.

Shiba Inu (SHIB) Price Prediction for 2023: RVOL, MA and RSISHIB /USDT RVOL, MA, RSI (Source: Tradingview )

The Relative Volume (RVOL) technical analysis indicator is used to measure the trading volume of an asset relative to its recent average volumes. It is usually calculated by dividing the current day’s trading volume by the average volume over a specific period, such as the last 20 or 50 trading days. The resulting ratio is known as the “relative volume,” which can help traders identify unusual trading activity and changes in market sentiment.

High relative volume readings suggest increased interest in the asset, which may indicate a possible reversal or trend break. Conversely, low relative volume readings may indicate a lack of interest or a period of consolidation.

At the time of analysis, the Shiba Inu (SHIB) RVOL was below the cutoff, denoting weak participants trading in the current trend.

Moving Average (MA):

The next technical indicator is the moving average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps to calculate the average price of an asset during a specific period. In particular, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the last 50 days. When the price of an asset is above its 50MA, it is considered to be in an uptrend (bullish), if it is below 50MA, it is in a downtrend (bearish).

In particular, in the chart above, the SHIB price is below 50 MA (short term), indicating its downward trend. Therefore, it can be concluded that SHIB is in a bearish state. Although this is the current state, a change in trend could occur.

Relative Strength Index (RSI):

Next up is the Relative Strength Index (RSI). This analysis indicator helps traders determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the asset’s average gains and losses over the last 14 periods. The resulting value is expressed as a number between 0 and 100, with readings above 70 indicating an overbought state and readings below 30 indicating an oversold state.

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the direction of a trend. For example, if an asset is trending up and the RSI reaches an overbought reading of 70, it may suggest that the asset needs to pull back or correct. Conversely, if an asset is trending down and the RSI reaches an oversold reading of 30, it can suggest that the asset could change direction.

It should be noted that, during the analysis, the RSI of SHIB is at 53.59. This denotes that SHIB is not in an overbought or oversold state.

Shiba Inu (SHIB) Price Prediction for 2023: ADX and RVI

In the chart below, we analyze the strength and volatility of the Shiba Inu (SHIB) using the following technical analysis indicators: Average Directional Index (ADX) and Relative Volatility Index (RVI).

Shiba Inu (SHIB) Price Prediction for 2023: ADX and RVISHIB /USDT ADX, RVI (Source: Tradingview )

To analyze the strength of the trend’s momentum, let’s take note of the Average Directional Index (ADX). The ADX value is derived from the two Directional Movement Indicators (DMI) as +DI and -DI and is expressed between 0 and 100.

According to the data on the chart above, the SHIB ADX is in the 11.19 range, indicating a weak trend.

The above chart also shows another technical indicator: the relative volatility index (RVI). This indicator measures the volatility of an asset’s price movement over a specified period. Regarding the data on the chart, SHIB’s RVI is above 50, indicating high volatility.

SHIB comparison with BTC and ETH

The following graph shows the price comparison between Bitcoin (BTC), Ethereum (ETH) and Shiba Inu (SHIB).

SHIB comparison with BTC and ETHBTC Vs ETH Vs SHIB Price Comparison (Source: Tradingview)

From the chart above, we can interpret SHIB’s price action to be similar to BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of SHIB also increases or decreases respectively.

To end.

Yeah Shiba Inu (SHIB) consolidates as a good investment in 2023, this year would be favorable for cryptocurrency. In conclusion, the bullish Shiba Inu (SHIB) price prediction for 2023 is $0.00001996. Relatively, the bearish Shiba Inu (SHIB) price prediction for 2023 is $0.00000788.

If there is a positive lift in market momentum and investor sentiment, Shiba Inu (SHIB) could go as high as $0.00005. With future updates and advancements in the Shiba Inu ecosystem, SHIB could surpass its current all-time high (ATH) of $0.00008845 and mark its new ATH.

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