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Shiba Inu Price Prediction as SHIB Bounces 4% From Recent Bottom – Is The Sell-Off Over?

Simon Chandler
Last updated: | 4 min read
Source: TradingView

The price of Shiba Inu (SHIB) has risen by 1.5% in the past 24 hours, with the meme token’s jump to $0.00000712 marking a 4% increase from its seven-day low.

SHIB is now up by 2.5% in the past week, although the altcoin remains down by 4.5% in a month and by 12% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP, SOL).

Yet its bounce today raises the hope that the worst of its 2023 is now over, and that buyers are ready to take advantage of its highly discounted price.

Shiba Inu Price Prediction as SHIB Bounces 4% From Recent Bottom – Is The Sell-Off Over?

SHIB has been weak and oversold for several months now, which should mean that it has to make a recovery soon enough.

Indeed, its indicators seem to signal that such a recovery may have just begun, with SHIB’s relative strength index (purple) rising sharply in the past few days, from nearly 30 last week to nearly 50 today.

Source: TradingView

This indicates a jump in buying momentum, and while SHIB’s 30-day exponential moving average (yellow) hasn’t begun rising yet, it looks as though its descent below the coin’s 200-day average (blue) has ceased, and that it’s now ready to begin rising again as the meme token rallies.

Perhaps the most bullish sign for SHIB at the moment is provided by its support level (green), which has climbed strongly since the end of last week.

This would imply that more traders are buying into the coin at a lower price, pushing up its base and preparing the token for incoming gains.

<oembed url="https://twitter.com/whale_alert/status/1713845496849019093[/embed]

It’s not clear whether whales have resumed accumulating the token again, yet a big transfer of over $32 million in SHIB today (from an unknown wallet to an unknown wallet) may suggest that its market could start heating up again soon.

With other meme tokens, it would be hard to argue that there’s any fundamental reason why a rebound or rally should be coming soon, yet 2023 has seen Shiba Inu take some important steps towards providing it and its ecosystem with some genuine utility.

Indeed, the launch of layer-two network Shibarium remains a major milestone for Shiba Inu, with the layer-two now having processed somewhere in the region of 3 million transactions to date, with around 1.25 million wallets.

<oembed url="https://twitter.com/army_shiba/status/1712070448597336140[/embed]

While these are relatively modest numbers in absolute terms, their growth over the past few weeks points to the potential of the Shiba Inu ecosystem, which with ShibaSwap and other dapps could expand in size and importance soon enough.

If so, this would entail a rising price for SHIB, which could be expected to reach $0.0000080 in the next few weeks and $0.000010 by the end of the year.

New Meme Tokens For Faster Gains

While SHIB could rise strongly in the not-too distant future, it’s likely that its progress is dependent on the overall bullishness of the cryptocurrency market, meaning that we may not see substantial gains for a few months yet.

However, presale tokens have provided one route towards market-beating gains this year even during negative conditions, with Meme Kombat (MK) being one of the latest and most promising.

As its name suggests, Meme Kombat is an Ethereum-based platform that enables users to bet on the outcomes of AI-generated battles between meme characters.

<oembed url="https://twitter.com/Meme_Kombat/status/1713186943100739647[/embed]

Impressively, the sale for Meme Kombat’s native MK token has raised more than $500,000, despite having been going for less than a month.

This is a very good sign, in that it suggests that investors believe Meme Kombat will experience growth as a platform, in the process helping its token to appreciate in value.

And the reason why investors believe in Meme Kombat is that it will do something that no other platform in the ecoystem has done up until now, offering a betting market on AI-generated and randomized meme battles.

Basically, it is a betting platform, but with an added twist involving colorful meme characters, which will help the platform market itself and also help it attract a strong community.

It definitely appears to be working, given that the presale has passed $500,000, with new buyers able to join by going to Meme Kombat’s official website.

MK will cost $0.1667 for the entirety of the sale, with the coin having a hard cap of 120 million tokens.

50% of this will go the sale, and with another 30% going to battle and staking rewards, meaning that holders can also earn a passive income from MK.

This ability to stake MK is another reason why its presale has done so well, and given just how quickly it has moved through the gears, MK has every chance of rallying strongly once it lists on exchanges later in the year.

Visit Meme Kombat Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.