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SHIB price prediction for January 31, 2023

SHIB price prediction for January 31, 2023

Investors of the dog-themed meme token Shiba Inu (SHIB) also seem to be fairly enthusiastic about the price fluctuations of the digital asset moving toward the end of January, with SHIB having a favorable start in 2023.

SHIB is anticipated to trade at an average price of $0.000010439 on January 31, 2023, according to the most recent count of votes submitted by members of the cryptocurrency community at CoinMarketCap using the platform’s Price Estimate tool. 

SHIB January 31-day price prediction. Source: CoinMarketCap

Data from January 12 reveals that the most recent prediction for the decentralized finance (DeFi) asset’s price for the end of January is the result of 1,497 votes cast by press time and represents an increase of $0.000001336 or 14.59% from Shiba Inu’s current price.

SHIB price analysis

Meanwhile, Shiba Inu is trading at the price of $0.000009156, which is a jump of 2.38% on the day, and a double-digit gain across the week of 7.69%

SHIB 1-day price chart. Source: Finbold

Since the year’s turn, SHIB has been moving in an upwards fashion along with the rest of the crypto sector’s assets, adding $600 million to its market worth which currently sits at $5.02 billion.

Technical analysis 

TradingView’s technical analysis (TA) indicators on 1-day gauges still remain largely bullish for the time being, with their summary point toward ‘sell’ at 14. These results are aggregated from oscillators pointing toward ‘neutral’ at 9 (with 1 for ‘sell’ and 1 for ‘buy’); moving averages at the same time indicate ‘buy’ at 9 (as opposed to ‘sell’ at 5 and ‘neutral’ at 1).

SHIB 1-day gauges. Source: TradingView

Notably, the machine learning algorithm at PricePredictions projects that SHIB is likely to trade at $0.000008036 by the end of January, a bearish price projection by the artificial intelligence that uses indicators such as moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB), among others. 

Shiba Inu’s price had dwindled as 13 trillion SHIB tokens got un-staked on January 10, but since then, it has managed to continue where it left off, remaining one of the most trending cryptos in the market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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