Shiba Inu Price Forecast as the Shibarium Launch Approaches – $1 SHIB in the Future?

Shiba Inu Price Forecast as the Shibarium Launch Approaches – $1 SHIB in the Future?

The 200-day moving average (MA) is a pivotal level to hit for the Shiba Inu price forecast (SHIB). When the Shibarium is launched, will SHIB explode or bounce?

The Shiba Inu (SHIB) stock price is on edge as it approaches a crucial challenge of the 200-day moving average. Shibarium’s release may be the last hope for SHIB’s struggling rally.

Yesterday, we looked at how the current price level is rapidly approaching the rising 200-day moving average. A pullback was expected once the price was rejected at $0.00001500, as shown above.

The 200-day moving average is presently undergoing a crucial test, which I can confirm. With a boost at this point, Shibarium might propel SHIB to new heights. The much-touted burn mechanism has bolstered bullish sentiment.

For the ninth day in a row, prices have been consolidating close to the 200-day moving average (MA), around $0.00001220 right now.

The bulls are still clinging to support around $0.00001250, despite a daily shift of -2.17%.

The rising 200-day MA has given support to consolidation attempts at this level throughout the weekend, underscoring the significance of this challenge.

Prices are still trading above the $0.00001150–$0.00001200 zone, which represents stronger nearby support.

Shiba Inu (SHIB) On-Chain: Could Shiba Inu sell pressure be over?

Investors are waiting for a clear signal from the make-or-break test, thus prices have been rather stable.

If we take a look at SHIB’s indications, we see that today’s signals are more muddled.

Despite SHIB’s continued movement into oversold territory, the RSI 14 indicator is exhibiting positive divergence at the 38.5 level. This 9-day lull in the RSI’s activity is notable. the indicator hasn’t reached its peak since February 4.

This provides a valuable on-chain context, shedding light on the circulation of SHIB off-exchanges.

Spending Cuts Lead to Transfer of Net Funds This trend of declining volume persisted throughout February.

This follows a large increase on January 9, when coins flooded markets in anticipation of a price increase. The price barrier around $0.00001500 is where the sell-off probably started in January last week.

An Overview of GlassNode and SHIB Total Quantity of Items Sent Net

After a rough crypto winter, long-term investors probably cashed out some of their holdings at this time. This would imply that the brunt of the continuing sell pressure has gone and that a rebound from the 200 Day MA might result in explosive upward momentum.

Distribution of GlassNode and SHIB on Trading Platforms

When we consider the Balance of Exchanges, we see that the optimistic on-chain feeling is bolstered. The value of SHIB held on exchange decreased by 5.4% in February.

This is a telltale hint that supplies are being hoarded and taken off markets in preparation for next week’s debut of Shibarium.

The MACD indicates a little bearish divergence of -0.00000002, which is hardly discernible. This is insignificant and is a result of the challenge of support at the 200-day moving average.

How high could Shiba Inu (SHIB) go?

At now shiba inu price forecast, we have a modest $0.00001500 upside potential (+22.25%). If prices do manage to rally, there is likely further upside potential above this point. This is because the news about Shibarium has decreased the urge to sell on the markets.

If this level breaks, it is expected to fall to the previous support at $0.00001150 (-6.28 percent).

The current Risk: Reward ratio for SHIB is 3.55, making it a very favorable entry with little downside risk.

But why is Shiba Inu (SHIB) rallying?

The increase in Shiba Inu’s burn rate of 1,000% in hours was emphasized in yesterday’s pricing analysis.

Due to the dramatic increase in the pace of consumption, several experts have predicted a significant market recovery.

Shibarium Update 🧵

While on our last post we wanted to remind everyone that BONE 🍖 serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each #Shibarium transaction will burn 🔥 SHIB.

1/2 🧵 pic.twitter.com/zQRoOuL9oW

— Shibarium Network (@ShibariumNet) January 7, 2023

Even if the debut of Shibarium (predicted for this week) will add to the already-present deflationary pressure, things may be looking better shortly. Millions of metric tonnes of shibarium (SHIB) will be wasted, thereby boosting demand and presumably pushing up prices.

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