Due to its rapid price growth, the SHIB token has drawn much attention in the cryptocurrency community. Many investors have begun to speculate about the SHIB token’s future and its price potential soon. So what’s SHIB price prediction as we enter February?
What’s Driving SHIB Bull Rally?
The beginning of the year has begun positively for SHIB hodlers and investors. Last year, the token experienced a series of bearish sentiments. However, SHIB has been picking up well after the token, gaining 44.2% in the past few weeks. In the last 7 days, Shiba Inu has gained by 11%. This is attracting massive investors who have been watching keenly.
Recently, Ledger and Atomic, popular cryptocurrency hardware and software wallets, respectively, announced support for the upcoming $SHIB blockchain (Shibarium) upon its launch. Ledger wallet offers hardware storage for a variety of cryptocurrencies, including $SHIB. Atomic Wallet, on the other hand, is a multi-asset software wallet that allows users to store, manage, and exchange various cryptocurrencies.
Not shibarium but soonbarium
— Cbf1994 (@cbf1994__) January 29, 2023
By supporting $SHIB, both Ledger and Atomic Wallet will provide a convenient and secure option for users to manage their $SHIB tokens. This is great news for the $SHIB community as it increases the accessibility and adoption of the $SHIB blockchain.
Additionally, the SHIB game “SHIBA Eternity” has drawn many players since going live in November last year. The game is available on the Google Play Store for Android and the Apple App Store. The game is now making millions of dollars for players.
The official & exclusive #ShibaEternity Players Guide will be released November 2nd, on Día de los Muertos. This massive 1000+ page booklet details Shib’s CCG game, original lore and incredible art! Stay tuned #ShibArmy!
Game download links pinned to our @Shibtoken profile. pic.twitter.com/DejZTplJuu
— Shib (@Shibtoken) November 1, 2022
Developers of Shiba Inu are also soon releasing a layer-2 blockchain that sits on top of the Ethereum network. SHIB owners can take advantage of lower fees and faster transactions by trading tokens within the Shiba Inu ecosystem on this blockchain. Additionally, developers aim to release a Shiba Inu metaverse later in 2023.
What is SHIB Token?
SHIB, a meme token that began as a fun currency, has been transformed into a decentralized ecosystem since its initial launch. 50% of its supply was allocated to Vitalik Buterin’s ethereum wallet, and its price soared from $0.000000000056 to an all-time high of $0.000084, representing an incredible 150,000-fold increase within just 8 months. Based on the Ethereum blockchain, Shiba Inu has seen a significant pullback, dropping below the uptrend that had been lifting its price for the whole month.
At current levels just above $0.000011, SHIB is still up about 44% this month, though it has now pulled back close to 14% from its recent highs of $0.000013. The pullback also comes in the wake of the cryptocurrency breaking below an uptrend that has been lifting its price for the month so far.
This correction could lead to a quick drop to the next round of support, around $0.000011. Alternatives to SHIB include other high-potential cryptocurrencies, and developers plan to release a layer-2 blockchain and a Shiba Inu metaverse later in 2023, which could help the cryptocurrency gain value in the current years.
SHIB Technical Analysis
The SHIB token has moved leaks in an upward trend since the beginning of the month. At the time of writing, the price of SHIB is trading at $0.000011678328 with a 24-hour trading volume of $429,878,782.
The price of SHIB is trading above the 200-day moving average. This indicates that the market is likely to continue its bull run. Furthermore, the RSI is trading at 62.77, above the 50-period level. The price is currently testing the downward trendline, which has been on a bearish move since August 2022. Should the price break the trendline, the price of SHIB will move to the next resistance at $0.00001505. The market price will have formed a double top, which may result in a fallback.
SHIB Price Prediction
Based on the fundamental and technical analysis above, all indicators signaled a bullish rally in SHIB’s price. SHIB is a considerable investment this year. Our SHIB price prediction predicts that the token will reach $0.00001781 by the end of Q1 2023. It would be most favorable if you considered investing in the SHIB this year.
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- Source: https://insidebitcoins.com/news/shib-price-prediction