Shiba Inu Price Prediction as New Neo-Banking App Adds Support for SHIB – Time to Buy?
Shiba Inu (SHIB), the Ethereum blockchain-issued ERC-20 crypto token that powers the Shiba Inu web3 ecosystem, continues to struggle to gain traction, with prices remaining capped under the 200-Day Moving Average just above $0.000010.
As a result, near-term price predictions remain pessimistic.
Shiba Inu is trading close to the bottom of a $0.0000096-1170 range that it has been stuck within since early March, having recently broken to the south of an uptrend that had been in play since late December 2022.
With SHIB trading below all of its major moving averages and having broke its 2023 uptrend, a break below support in the mid-$0.000009s is looking increasingly likely.
That could open the door to a drop back towards last December’s lows in the $0.000008 area.
It remains to be seen whether optimism about upcoming upgrades to the Shiba Inu ecosystem, such as the incoming launch of the alpha version of the Shibarium layer-2 scaling solution and SHIB: The Metaverse later this year, and optimism about Shiba Inu being added to neo-banking crypto application blockbank’s earn program can lift sentiment.
Shiba Inu faces the risk of a near-term downside, suggesting that potential investors who are a little patient might be able to wait and secure a more favorable price in the coming weeks.
But in the grand scheme of things, SHIB’s price remains very suppressed versus its 2021 peaks, so even if investors bought now, they would arguably still be buying the dip (in the long term anyway).
Of course, that’s assuming that Shiba Inu does mount a solid recovery during the upcoming bull market.
Its struggles to keep pace with other major blue chip currencies like Bitcoin and Ether in recent months is a disturbing sign that the meme coin might not
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