Shiba Inu price rose significantly in the first quarter of 2023, soaring by 300%. This article explores the factors behind this growth and the future prospects of this memecoin.
Sharp rise in Shiba Inu price
Shiba Inu exhibited a staggering growth of more than 300% in the first quarter of 2023. The price surged from $0.00000925 to $0.00004 in just a few days. However, due to changes in market dynamics, the coin lost almost 70% of the gains it had achieved.
Current market conditions
Shiba Inu bulls remained passive for a long time but appear to be regaining their dominance after a prolonged descending contraction. While the coin lost its appeal among other memecoins, the recent rise is attracting investor interest. The price has entered a crucial range, and continued upward movement could validate a breakout above bearish influence. According to technical analysis, SHIB price is testing key resistance at $0.0000165, and a daily close above these levels could validate further rise.
Future prospects
The recent rise in Shiba Inu suggests potential for further strengthening. The current trend shows that the 50-day moving average serves as a strong base for moving towards the next target at $0.00002. RSI has reached the upper threshold, indicating no signs of a bearish reversal, which could strengthen the bulls. Furthermore, MACD levels have surged into the positive range, although buying pressure remains below average.
Technical analysis indicates that Shiba Inu may have a consolidated close around the crucial resistance for the month. With changing market dynamics, SHIB price is expected to trigger a fine upswing beyond yearly highs close to $0.00004.
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