• Shiba Inu (SHIB) was launched on the Ethereum blockchain and Binance Smart Chain (BSC).
• SHIB holds the 15th position on CoinGecko.
• According to a technical analysis, SHIB price might reach $0.00005 soon.

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a popular memecoin developed and launched in 2020 by a pseudonymous founder Ryoshi. It resides on both the Ethereum blockchain and Binance Smart Chain (BSC). It is also known as the DOGE killer due to its potential of being a contender to the most popular memecoin, Dogecoin (DOGE).

Current Market Status

Currently, Shiba Inu holds the 15th position on CoinGecko with 24-hour trading volume of $295,420,150. The current price of SHIB is $0.00001253 and it has gone down by 4.2% in 24 hours. The all-time high for SHIB was recorded at $0.00008616 on Oct 28, 2021.

Price Prediction 2023

According to statistics, price patterns, RSI, RVOL and other information related to SHIB, it can be predicted that the Shiba Inu (SHIB) price might attain bullish predictions of anywhere between $0.00002031 – $0.00004355 in 2023 or even reach as far as hitting a 0.00$05 value soon . On the other hand there are bearish predictions which state that it may fall to 0$0001309 by 2023 end too . Currently , it is within a descending channel pattern where if it continues ,it might reach resistance levels of 0$0001567 , 0$0001947 & 0$0002838 respectively but if reversed then there are chances that it may go down to support levels of 0$00000955 & 0$00000787 respectively .

Support & Resistance Levels

The chart below shows the support & resistance levels of Shiba Inu (SHIB):

Support – $0.00001060 , $0.00000845 , $0.00000717
Resistance – $0..00001567 , $0..00001947 , $0..00002838  

Conclusion

Shiba Inu’s popularity has been growing since its launch and its market cap stands at over 6 billion USD currently making it one of top 25 cryptocurrencies . With proper technical analysis & understanding key market metrics such as RSI & RVOL we can predict that SHIB will likely hit an estimated value of up to 0$005 before 2022 ends however bearish predictions cannot be negated completely as well .