Shiba Inu (SHIB) Price Prediction: Will SHIB Rise Again in 2023?

Shiba Inu (SHIB) has remained the undisputed meme coin champion in the Ethereum (ETH) ecosystem amid the notable emergence of new similar projects.

Shiba Inu (SHIB) price analysis reveals a bullish trend with a 0.7% gain over the past 24 hours. The meme coin currently trades at an average price of $0.000012 and a 24-hour trading volume of about $156,448,343. The price of SHIB has varied between a minimum of $0.000011 and a maximum of $0.0000122 over the past 24 hours.

Shiba Inu price analysis reveals a bullish trend on the 1-day chart. The meme coin has been trading in the green for the past several days and is now up by 0.7%. The 25 and 50 Moving Averages are both above the price of SHIB, indicating a bullish trend.

The Bollinger Bands are also expanding, indicating increased volatility. The Relative Strength Index (RSI) is at 55. A value of 50 or less on the RSI typically indicates that an asset is oversold. However, SHIB's RSI is still above 50, indicating that the meme coin may have further room to run.

Shiba Inu is the largest meme coin in the crypto market, with a fully diluted valuation of about $17 billion. The meme coin is up by 0.7% over the past 24 hours and has seen a 24-hour trading volume of about $156 million.

The price of SHIB has been on a rising trajectory year-to-date following a successful bullish breakout from the 2022 crypto bear market. In the midterm, Shiba Inu’s price against the US dollar is likely to continue falling to retest the rising macro logarithmic trend.

From a technical standpoint, Shiba Inu’s price could find solid support between the 0.5 and 0.618 weekly Fibonacci Extension.

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