Is it too late to buy Shiba Inu? The SHIB price predictions of crypto experts
After a rough few days, Shiba Inu’s (SHIB) cryptocurrency token is starting to rebound. It is an Ethereum-based ERC-20 token crypto token. SHIB/USD traded slightly higher than its 21-Day Moving average at $0.0000129. However, it is still 6.0% lower than the previous weekly highs of $0.000014.
Shiba Inu has managed to ignore some negative headlines over the past day or so, including a significant drop in crypto token’s burn rates, according to shibburn.com. SHIB burns fell more than 90% in the last 24 hour. One of the top Shiba Inu developers announced recently on his Telegram channel that 50 projects interested in building on Shiba Inu’s layer-2 Ethereum scaling protocol protocol were not responding to his messages.
Shiba Inu developers hope to soon take the majority of SHIB trading from the Ethereum blockchain with the launch their own scaling solution. This is also expected to help facilitate rapid expansion Shiba Inu’s web3 ecosystem.
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SHIB’s price is likely to be supported by evidence of increased Ethereum whale purchasing. WhaleStats, a blockchain activity monitoring website, reported that Shiba Inu was among the top 10 most purchased coins by top 500 Ethereum whales within the last 24 hours.
A tweet from the website on Thursday stated that Shiba Inu was the largest ERC-20 token not owned by top 2000 Ethereum whales. They have $679 million in total, which is well above the $192 million next non-stablecoin token ERC-20 token Polygon(MATIC).
What’s Next for Shiba Inu
Technically, Shiba Inu is showing positive signs. First, the cryptocurrency continues to benefit from support from a short term uptrend that has been active since late January as well as the 21DMA. SHIB’s medium term bias is also looking promising after the cryptocurrency broke to north of a long-term downtrend line in February, which had been in place since August last year.
SHIB/USD is currently 17% lower than its monthly highs of the upper $0.000015s. However, it looks likely that these levels will be retested in the coming weeks, particularly considering the recent “golden crossing”. This is the point where the 50DMA crosses over the 200DMA. Many technicians consider this a buy signal or a medium-term bullish indicator.
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
HueFin News, a popular YouTuber focusing on crypto, says that SHIBA will maintain a positive upside bias as long as it stays above the trendline linking late-December and early January lows.
Is it too late to buy Shiba Inu (SHIB), or is it too late?
It’s never a good idea to ask whether it is too late for an asset to be purchased. The answer is never. It is the right question to ask whether an asset should or shouldn’t be purchased. It all depends on how the investor views its long-term performance.
Based on your research, you may consider buying SHIB if it rises significantly in price over the next few years. If so, you should stay away.
We’ve reviewed the top 15 most promising cryptocurrencies in 2023 as evaluated by The Analysis Group. CryptoNews Industry Talk team.
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