Disclaimer:
While other top digital assets, such as Bitcoin (BTC) and Ethereum (ETH), recorded gains in March, the same could not be said for Shiba Inu (SHIB). In fact, despite the ongoing rally in the crypto space, SHIB’s gains have slowed down since the beginning of the year, with March even recording a negative month for the meme-inspired coin.
This slowdown in performance has left many investors wondering whether SHIB’s glory days are behind it. In the world of cryptocurrency, uncertainty looms large over the long-term value of popular altcoins such as Shiba Inu, which has been known to trigger price surges among retail traders.
Interestingly, the crypto community’s predictions on CoinMarketCap for SHIB’s price over the past six months have proven remarkably precise, with an impressive 87% accuracy rate. In fact, the most recent estimate accuracy, as of the end of March, was 92.13%.
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According to estimates based on 3,744 member votes, the price of SHIB is expected to trade at $0.00001131 by the end of April, which would mark an impressive 3.32% increase or +$0.0000003632 from its current value at the time of publication. If these estimations hold true, SHIB could offer a potential opportunity for investors to capitalize on the anticipated price hike.
SHIB technical analysis
SHIB’s technical analysis (TA) on TradingView’s 1-week gauges are bearish; its summary aligns with the ‘sell’ sentiment at 10, resulting from oscillators pointing at ‘neutral’ at 9 and moving averages (MA) indicating a ‘sell’ at 9.
Currently, SHIB is trading at $0.00001095, up 0.85% on the day and a further 1.1% across the previous week, as per the data retrieved by Finbold on April 10.
The dog meme token is currently the 14th-largest digital asset in terms of its market capitalization, which at the time of publication amounted to $6.4 billion.
Investors will be keeping a close eye on the development of Shibarium, the highly anticipated Layer 2 network being developed by the SHIB team. The success of this network could potentially lead to a significant boost in the asset’s price, making it a promising investment opportunity for those who believe in its potential.
Adding to the hype, Shytoshi Kusama, the leading developer of SHIB, recently announced via Twitter that ShibaSwap is the only official decentralized exchange for the Shiba Inu and Shibarium ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
