Shiba Inu Price Prediction as $300 Million Trading Volume Arrives Time to Buy?

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SHIB/USD price chart | Commercial view

The second most popular meme coin in the world, Shiba Inu, is slowly approaching strong support around $0.00001210. The bulls are ready for another comeback, this time bolstered by the launch of the Shibarium beta. Shiba Inu price is in the red due to a bearish wave that has been crossing the crypto market since the previous weekend.

Investors are worried about growing regulatory pressure from the United States. Additionally, Hong Kong, in its quest to become a global crypto hub, has come up with a new set of guidelines to oversee the operations of crypto trading firms.

Shiba Inu Price displays a new gold cross

Experts believe that the next crypto bull market will depend on how regulators approach the crypto market in the wake of FTX’s collapse – still fresh in the minds of investors, especially those who have been directly affected. Many crypto projects and businesses have suffered significant liquidity shortages which are expected to continue to hurt the market in 2023.

However, select tokens like SHIB are looking forward to a busy year, bolstered by the launch of Shibarium, a layer 2 blockchain designed to revolutionize the Shiba Inu ecosystem. The development team recently confirmed that the beta version of the protocol is scheduled to launch in early March, with the official launch scheduled for May 2023.

The beta launch is however still significant as over 1 million Shiba holders will buy BONE, one of the ecosystem tokens, for very low fees and burn SHIB with every transaction. BONE would be a common factor in the SHIB ecosystem.

Shiba Inu hopes to establish itself as a strong ecosystem supporting the crypto industry with unbeatable solutions in decentralized finance. Shibarium will strengthen SHIB’s position as a transaction-oriented protocol.

Investors are eagerly awaiting a bullish Shiba Inu in 2023 supported by the token burn program. So far, 410 trillion SHIB tokens have been burned, bringing the total supply to 589 trillion. A key element of the Shibarium layer 2 protocol is to increase the SHIB burn rate. As the total supply decreases, the dynamics of supply and demand would propel Shiba Inu towards the $1.00 mark.

Evaluation of the profitability of the Shiba Inu price in the short term

Shiba Inu price is about to send a buy signal via an incoming golden cross. This pattern manifests when the 50-day exponential moving average (EMA) (red line) crosses above the 200-day EMA (purple line).

Traders use the golden cross to assert the bullish grip on the traded assets. For this reason, Shiba Inu is still in the right environment to rebound and “eat” a zero to trade above $0.0001 in the coming weeks.

SHIB/USD price chart | Commercial view

Along with the golden cross, Shiba Inu price looks set to hold confluence support around $0.00001210. This region, highlighted in the yellow band, was reinforced by the 50-day EMA and the 200-day EMA.

If the bears go beyond this zone of buyer congestion, the following 100-day EMA (red line) will be helpful in preventing Shiba Inu price from taking risks with $0.00001. Note that the Moving Average Convergence Divergence (MACD) supports a sell signal sent in early February. Traders are likely to lock in profits or short SHIB due to this call to sell the token.

Buy Shiba Inu Now

Alternatives to Buying Shiba Inu

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 information from crypto industry players and is not part of the editorial content of Cryptonews.com.

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