It is true that the crypto market crashed hard, but Shiba Inu prices had a harsher crash. The average price drop across most cryptos was around 75%, while SHIB lost around 90% in value. Now that the crypto market is recovering, SHIB should be able to recover. Will SHIB go up in 2022? Will we finally see a renewed uptrend for SHIB? Let’s analyze in this Shiba Inu price prediction article.
What is Shiba Inu Crypto?
Shiba Inu is memecoin, which some users claim is an alternative to Dogecoin. Before the drop, it had been one of the best performers in the market. This earned holders significant profits within a year. In October, the coin reached an all-time high of $0.00008616, jumping by more than 100%. However, this coin is slightly different from Dogecoin. While Doge has its blockchain, developers built Shiba on Ethereum, making it a token. Tokens are digital assets that are created on another blockchain.
Initially, this coin trended as a joke on Twitter. Because of Dogecoin’s success, many people bought Shiba to benefit from market sentiments. When it started a bull run in October, it overtook Dogecoin in the top ten digital assets list. Today, Shiba has a loyal community, pushing the narrative to other crypto enthusiasts. This, in turn, may bring the coin more investors.
SHIB Prices Confirm a Trend Reversal?
Shiba Imu prices started their downtrend back in November 2021. Prices fell from the high of $0.00008616 and reached a low of $0.0000077. After a brief consolidation, we can see in figure 1 how SHIB breaks the downtrend line. This usually signals a trend reversal, with stronger confirmations from the green crypto market. Not only is the crypto market on the rise currently, but SHIB’s technical formation proves that a stronger uptrend is about to take place.
Shiba Inu Price Prediction – Where will SHIB Price reach next?
If SHIB price manages to break the $0.000013 price barrier, there is a high chance of reaching a target price of $0.000020. However, the $0.0000175 might show a slight resistance along the way. From there, it’s going to depend on the sentiment of the crypto market as a whole.
On the other hand, failing to break the aforementioned price barrier would send prices down back to $0.000010. This scenario is currently unlikely, as the crypto market is on an uptrend. Most cryptos are breaking their respective resistances, and Shiba Inu is expected to do the same in the short/medium term.
You might also like