BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Shiba Inu Price Prediction As $200 Million Trading Volume Trickles In – Key Levels To Watch

by BlockNews Team
March 2, 2023
in Crypto, Finance, Guides, Investing
A A
Shiba Inu Price Prediction As $200 Million Trading Volume Trickles In – Key Levels To Watch
1
SHARES
Share on TwitterShare on Reddit

Shiba Inu’s technical setup points to more losses after escaping from a consolidation zone. SHIB flashed red on Friday as bears focused on undoing Thursday’s gains. With 3.4% declines on the day, the meme coin started at 23% more losses to $0.0000092. 

Shiba Inu climbed 2.35% on the first day of March, a rally with a $200 million 24-hour trading volume, indicating increasing investor interest in the token. This could also be attributed to the launch of the network’s Layer 2 blockchain Shibarium later this month. 

Crypto experts expect Shibarium’s launch will fuel the SHIB price higher. This is not only because it is expected to boost usage of the Shiba Inu network but also because it will regularly introduce the burning of SHIB tokens.

#Crypto experts predict that #Shiba will hit $10 soon ‼️💯🙏#Shibarium WILL PROPEL $SHIB TO NEW HEIGHTS ‼️🙏$SHIB #SHIB #SHIBA #ShibaInu #Shibarium #SHIBARMY #ShibaArmy #SHIBARMYSTRONG 💪 pic.twitter.com/PhY4VaRcMe

— SHIB Bezos (@BezosCrypto) February 27, 2023
Via @BezosCrypto – Twitter

SHIB token burn will come in transaction fees, with a portion of the $BONE tokens collected as fees being converted into SHIB. These will then be sent to unusable wallets. Because of this, if Shibarium experiences a high level of adoption and usage, a significant quantity of SHIB could be burned, increasing the value of the dog-themed coin.

SHIB Consolidates In A Symmetrical Triangle

Shiba Inu’s price action has led to the appearance of a symmetrical triangle in the daily chart (below). If the technical setup works correctly, traders could witness a 23.4% downward spiral rally for the “DOGE killer.”

The Relative Strength Index (RSI) was moving down below the midline. The price strength at 43 suggested that the sellers were regaining control, justifying the increasing price volatility to the downside.

The SHIB price was trading below the triangle’s support line at press time. If bears produce a daily candlestick below $0.00001231, embraced by both the lower trendline of the triangle and the 50-day Simple Moving Average (SMA), a 23.4% drop would occur to $0.0000092.

SHIB/USD Daily Chart

The moving averages flattened out, suggesting that yesterday’s buying momentum had run out of steam. The drop below the 50-day SMA during the early Asian trading session on Thursday was still in play, implying that SHIB faced stiff resistance at $0.00001231. This suggests that the path with the least resistance is downwards, justifying the pessimistic outlook.

On the upside, a daily candlestick close above the triangle’s support line at $0.00001231 could see the buyers push the price above the triangle’s upper trendline at $0.0000126. Such a move would bring the bullish scenario into the picture. A 34.31% ascent could occur, taking Shiba Inu to $0.00001614, levels last seen in August 2022.

Tags: cryptoguideMarket analysisShibShiba Inu
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

SharpLink Gaming Unveils $1 Billion Plan for Ethereum Treasury: Are You Still Early?
Crypto

SharpLink Gaming Unveils $1 Billion Plan for Ethereum Treasury: Are You Still Early?

May 31, 2025
Elon Musk Steps Down from DOGE, Remains Trump Advisor
Finance

Elon Musk Steps Down from DOGE, Remains Trump Advisor

May 30, 2025
Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?
Crypto

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

May 30, 2025
These 3 Cryptos Could Become Industry Standards in the Next 5 Years
Bitcoin

These 3 Cryptos Could Become Industry Standards in the Next 5 Years

May 30, 2025
These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early
Crypto

These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

May 30, 2025
BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya
Bitcoin

BTC AT RISK: Quantum Tech Threatens Bitcoin’s Security, Warns Billionaire Chamath Palihapitiya

May 30, 2025
Load More

Related News

SharpLink Gaming Unveils $1 Billion Plan for Ethereum Treasury: Are You Still Early?

SharpLink Gaming Unveils $1 Billion Plan for Ethereum Treasury: Are You Still Early?

May 31, 2025
Elon Musk Steps Down from DOGE, Remains Trump Advisor

Elon Musk Steps Down from DOGE, Remains Trump Advisor

May 30, 2025
Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

May 30, 2025
These 3 Cryptos Could Become Industry Standards in the Next 5 Years

These 3 Cryptos Could Become Industry Standards in the Next 5 Years

May 30, 2025
These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

These 3 Crypto Coins Could SKYROCKET in the Next 3 Months: Still Early

May 30, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.