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Shiba Inu (SHIB) price prediction for January 31, 2023

Shiba Inu (SHIB) price prediction for January 31, 2023

As the cryptocurrency market prepares to conclude one of its worst years in history on a bearish note, Shiba Inu (SHIB) has managed to break out of the downward trend of recent weeks by achieving modest gains on its daily charts.

At the same time, the cryptocurrency community at CoinMarketCap retains its bullish attitude for the end of the opening month of 2023, projecting that Shiba Inu would trade at an average price of $0.00001102 on January 31, 2023, as per the data retrieved on December 30.

SHIB social estimates for January 31. Source: CoinMarketCap

If the community’s predictions, the accumulated result of 1,137 member votes cast by press time, end up correct, this would represent an increase of +$0.000003008 or +37.53% to the price of Shiba Inu at the time of publication.

Shiba Inu price analysis

As things stand, SHIB is currently changing hands at the price of $0.000008016, up 0.97% over the previous 24 hours but still down 3.61% across the week and 13.26% compared to one month before, with a market cap of $4.4 billion.

Shiba Inu 24-hour price chart. Source: Finbold

Despite the community’s optimistic predictions, the technicals on TradingView’s 1-month gauges point at a ‘strong sell’ at 7 (as opposed to ‘neutral’ at 4 and ‘buy’ at 0), summarized from oscillators indicating ‘sell’ at 1 and moving averages in the ‘strong sell’ zone at 6.

Shiba Inu 1-month technical sentiment. Source: TradingView

Meanwhile, Shiba Inu is one of the top three most watched cryptos for 2022 on Binance as traders were looking for information on how to buy SHIB, this way positioning the digital asset in the company of the crypto sector’s largest coins by market capitalization – Bitcoin (BTC) and Ethereum (ETH).

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