Is It Too Late to Buy 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, is seeing a decent rebound on Friday after a choppy few days. SHIB/USD was last changing hands slightly to the north of $0.000013 and slightly above its 21-Day Moving Average at $0.0000129, though is still about 6.0% lower versus earlier weekly highs in the $0.000014 area.
Shiba Inu has shrugged off a few negative headlines in the last day or two, including a large drop in the crypto token’s burn rate, as per shibburn.com – SHIB burns were down 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 replying to his messages.
Shiba Inu developers are hoping to take the bulk of SHIB trading off of the Ethereum blockchain soon with the launch of their own scaling solution, which is also touted to facilitate rapid expansion of Shiba Inu’s web3 ecosystem.
Shiba Inu Price Prediction as Shibarium Launch Approaches
Evidence of increased Ethereum whale buying is likely helping to prop up SHIB’s price. According to blockchain activity monitoring website WhaleStats, Shiba Inu was in the top 10 purchased coins by the top 500 Ethereum whales in the last 24 hours.
According to a tweet by the website on Thursday, Shiba Inu is the largest non-stablecoin ERC-20 token owned by the top 2000 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 Shiba Inu?
Shiba Inu’s technical bias is looking positive. Firstly, the cryptocurrency continues to derive 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 to the north of a long-term downward trend line in early February that had been in play since last August.
While SHIB/USD is still around 17% lower versus its earlier monthly highs in the upper $0.000015s, a retest of these levels in the coming weeks is looking likely, especially in light on the recent “golden cross”. This is where the 50DMA crosses above 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 get above its earlier monthly highs just under $0.000016, that would open the door to a swift rally towards the long-term support-turned-resistance $0.000018 area. A break above here would unlock a potential move towards another important support-turned-resistance area 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, so long as it remains above the trendline linking the late-December and early-January lows.
Is It Too Late to Buy Shiba Inu (SHIB)?
Asking whether it’s 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 that depends on how an investor judges its long-term price performance outlook.
If you deem SHIB as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
If you're looking for other high-potential crypto projects alongside SHIB, we've reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.