• Shiba Inu (SHIB) has seen a 60% gain in 2023 as it approaches resistance levels at $0.00001249.
• Media pundits had expressed concern that the bullish momentum was exhausted, but recent price action suggests otherwise.
• Analysts predict a potential +43% upside gain if a breakout occurs, with a downside risk of -20%.
Shiba Inu Price Predictions
The crypto winter is ending for Shiba Inu as bullish chart structure leaves SHIB poised to take off! A steady growth away from a deep rounded-bottom pattern has seen the SHIB army push a substantial 60% gain so far in 2023. Wednesday’s Fed meeting saw Powell promise ‘data driven’ decision making that encouraged traders. But despite a bullish week across markets, this sentiment has done little for SHIB. Current price hovers astride resistance levels at $0.00001249.
Pundits’ Predictions
Some media pundits had raised concern that the bullish momentum behind Shiba Inu’s climb had exhausted. Others even predicted a lower slide. Our analysts disagree. Price action as we approach the weekend sings a different tune afterall, it is not uncommon for Altcoins to experience a ‘lag effect’ behind macro trends.
Bulls Engage in Battle
TradingView / SHIB/USDSHIB bulls have engaged in a 10 day battle, facing intense resistance at $0.000012. Despite 4 major green wicks, price has continued to sit fearful of breaking higher. But a strong bounce testing the 200-Day MA (lower support trend) on Thursday has given a much-needed boost and today’s rocketed upwards through the resistance offers further hope of an imminent breakout higher into territory unknown!
Ecosystem Layer-2 Shibarium
Exciting talk around the release of highly-anticipated ecosystem Layer-2 Shibarium (now in beta testing) could give bulls the news they need to push higher into breakout territory, Shibarium will enable faster and cheaper transactions which will enable significantly more development in the Shiba ecosystem – with special interest surrounding the opening of avenues for competitive DEX offering such as Uniswap or SushiSwap etc..
Upside Potential?
How high could SHIB go if it breaks out? A breakout here could be likely, with rallies from this level hitting heights of $0.000015 and even up to $0