Shiba Inu (SHIB), the second most popular and second largest dog-inspired meme cryptocurrency by market capitalization which currently lives as an ERC-20 token based on the Ethereum blockchain, has corrected about 6.7% lower in the last 24 hours according to CoinMarketCap. That pullback is in line with a broader drop in major cryptocurrency prices as trader take profit on recent long positions.
At current levels just above $0.000011, SHIB is still up about 38% this month, though has now pulled back close to 14% from its recent highs just under $0.000013. Shiba Inu’s pullback comes in wake of the cryptocurrency breaking below an uptrend that had been lifting its price for the whole month so far.
For now, support at $0.000011 is holding, partially thanks to buying ahead of the 200-Day Moving Average at $0.00001075. But if that breaks, SHIB could see a quick drop to the next around of support around $0.00001.
According to algorithm-powered financial asset forecasting website Wallet Investor that uses technicals and an assets price history to forecast into the future, Shiba Inu will lose over 92% of its value in 2023, dropping from its current value to around $0.0000008. Wallet Investor thus characterizes Shiba Inu as a bad long-term investment.
But many analysts would argue that this is an overly pessimistic outlook. 2023 looks set to be a much better year for crypto than 2022 was, thanks to growing expectations for the Fed’s aggressive tightening cycle of 2022 to come to an end and even start to reverse into the end of the year.
And Shiba Inu developers are expected to release new products in a bid to enhance the cryptocurrency’s utility – up until now, Shiba Inu tokens have been derided as having no real-world use cases.
ShibaRead more on cryptonews.com