The crypto market is still consolidating ever since reaching rock-bottom back in June 2022. Most cryptocurrencies are trying to reverse their trend and move higher, but non managed to break their resistance yet. Shiba Inu still needs a long shot to reverse its bearish trend. However, traders can make significant gains trading consolidation phases. This is because those price actions tend to be more predictable. Will Shiba Inu increase in prices soon? Let’s analyze in this Shiba Inu price prediction article.
What is Shiba Inu (SHIB)?
Shiba Inu is an Ethereum-based altcoin with the Shiba Inu hunting dog as its emblem. It is referred to as “the Dogecoin killer” by its fans, a group known as the SHIBArmy, and is commonly regarded as a Dogecoin alternative.
On October 29, 2021, Shiba Inu’s price increased by more than 10 times, giving the company a $41 billion market value. Shiba Inu is just behind Dogecoin in the top 10 of all meme cryptocurrencies, despite a sharp decline in the market worth to the current $6.2 billion as of September 25, 2022.
Shiba Inu was developed on and is hosted on the Ethereum blockchain rather than its own blockchain since it is an Ethereum-based ERC-20 token. According to the founder Ryoshi, he decided to create the Shiba Inu ecosystem on Ethereum since it was already safe, reliable and permitted the project to maintain its decentralized nature.
Will Shiba Inu up go up soon?
If we look at the macro chart of SHIB, we can notice two phases: SHIB on a strong downtrend as the first phase, and SHIB in consolidation as the second phase. This means that currently, prices are undecided and moving sideways between two price areas.
In figure 1 below, we can clearly see those two phases. The upper and lower trendlines of the sideways are delimited by a low price of $0.000008 and $0.000018. SHIB prices are expected to rebound higher trendline, but for now, prices seem to be bearish. This is in fact confirmed by the overall sentiment in the crypto market which is currently bearish. So for now, SHIB prices should continue downwards and reach a price of around $0.000010
SHIB Price Prediction – What are the targets of Shiba Inu?
Now that we know the consolidation area of Shiba Inu, we expect SHIB to increase in prices as soon as the price of $0.000018 is breached higher. Once this happens we expect by then that the overall crypto market is back on its bullish momentum. This means that most cryptos already broke their respective resistances.
If this happens, here are the targets that Shiba Inu can reach:
We can notice that SHIB price is not likely to increase overnight. In fact, those targets need at least 2 months as SHIB might continue lower toward the lower trendline in the short term. That’s why it might be risky currently to open a long position in SHIB.