Is it Too Late to Buy Shiba Inu? Crypto Experts Give Their 2023 SHIB Price Predictions

cryptonews.com:

In recent years, the cryptocurrency space has seen a surge in the development and distribution of so-called "meme coins," which have often been met with skepticism and accusations of being crypto scams. Despite the critics, these coins have managed to defy expectations by outperforming many large-cap coins and creating obscene wealth for some of their holders (while losing just as much money for others). The success of meme coins has been highlighted by the astronomical rise of Dogecoin (DOGE) and Shiba Inu (SHIB).

While it was a challenging year for the cryptocurrency market, Shiba Inu held its ground and secured its spot among the top digital currencies in 2022. Shiba Inu holds 15th place when ranked by marketcap, at an impressive $4.39 billion.



Shiba Inu's price sits at $0.00000798 as of writing, testing the levels where it began its 108% Q3 run back on June 21, which topped out on August 14. Investors are looking for a potential bottom in SHIB as the financial and risk asset markets look to recover in 2023.

Daily Exponential Moving Averages (EMA) are still bearish as prices are trading below the EMA 20, EMA 50, and EMA 100. A sign of a trend reversal would be for the price to break these key resistance levels on the daily timeframe and for the EMAs to rearrange themselves in a bullish alignment.

The Relative Strength Index (RSI) for SHIB is currently at a low of RSI 38.67--below the key level of RSI 40. To suggest an exit from this bearish period, the price must break past both the RSI 40 and 50 resistance levels to point to a potential trend reversal.

The SHIB Moving Average Convergence Divergence (MACD) has attempted several unsuccessful bullish crossovers over the past few days. As observed from the histogram, both