Meme cryptocurrency Shiba Inu (SHIB) is expressing a string of bullish sentiments after the token appeared to be impacted by the general market downturn triggered by increased regulatory uncertainty.
As things stand, SHIB has recently maintained sustained gains, with investors keeping a close eye on the token regarding how it will perform in the near future.
In this line, machine learning algorithms at the cryptocurrency tracking platform PricePredictions, forecasts that SHIB followers can expect the asset to continue with the bullish momentum in the coming days to trade at $0.000014 on March 1, 2023, according to data retrieved on February 20.
The price projection represents an increase of almost 8% from the token’s value at the time of publishing.
Notably, the prediction is based on several technical analysis (TA) indicators, including moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.
Shiba Inu price analysis
By press time, SHIB was trading at $0.00001358, recording daily losses of about 0.3%. On the weekly chart, Shiba Inu is up almost 10%.
Elsewhere, regarding one-day sentiments on TradingView, SHIB indicators are largely positive. The summary is for the ‘buy’ zone at 14, which is the result of oscillators pointing at ‘sell’ at 2, while moving averages are for ‘strong buy’ at 14.
SHIB’s bullish drivers
Although Shiba Inu’s ability to sustain its bullish momentum in the coming days relies on the general market movement, the asset also banks on network activities to inspire a continued upward trajectory. Indeed, the community is looking forwards to the roll of the layer-2 scaling solution dubbed Shibarium, the release date date of which remains uncertain.
Shibarium is among the most anticipated events due to the improvements it seeks to bring to the network.
The upgrade has been touted to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other vital improvements. Furthermore, Shibarium will work alongside Ethereum (ETH) to process transactions on the Shibarium ecosystem, minimizing the load on the ecosystem. At the same time, Shiba Inu’s inroads in the metaverse could act as a price pump for the asset.
In the meantime, the Shiba Inu ecosystem is also witnessing increased adoption, with the number of SHIB addresses surpassing 1.3 million. As part of helping the token gain value, the network has recorded increased burning activity. However, there were recent concerns after the activity slowed down.
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