Shiba Inu Price Prediction – Can the Meme Coin Maintain its Momentum in 2023?
The crypto market has managed to successfully wobble through the banking crisis in the United States, which is gradually spreading to other parts of the world, particularly in Europe. Shiba Inu price stayed relatively stable, with the buyer congestion at $0.00001 holding tightly in place.
In addition to the banking crisis, which has left many investors unsettled and regulators seemingly blaming the crypto industry, the US Federal Reserve FOMC meeting resolved to raise interest rates by 0.25% earlier this week, depriving the market of enough momentum to keep moving up.
Over the last 30 days, SHIB has lost 19% of its value to trade at $0.00001061 at the time of writing. The second most popular meme coin is down 5% in seven days although price data from CoinGecko shows a 3.2% gain in 14 days.
Shiba Inu’s market value has remained relatively unchanged in the last 24 hours despite Bitcoin and Ethereum, the two top cryptocurrencies, falling by 2.3% and 3.2%, respectively. With the declines spread across the board, the total market cap is down by 1.5% to nearly $1.2 trillion.
Two critical levels have generally determined how Shiba Inu price has responded to uncertainties in the global market this week. They are the short-term resistance at $0.00001 and the short-term support at $0.00001.
It was a relief for the bulls when Shiba Inu halted the downtrend from its new 2023 high of $0.0000157 in early February. This allowed SHIB to tap into the liquidity at this level and rebound in the second week of March.
Although the recovery started with a lot of vibrancy, it did not last long as Shiba Inu barely brushed shoulders with $0.000012—a supply area coinciding with the 200-day Exponential Moving Average (EMA) (line in purple).
Another minor
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