What Does Market Price Analysis for Memecoin, Shiba Inu (SHIB) Show?

The crypto market had gotten back on its feet in the beginning of 2023, with bitcoin even reaching US $24000, but soon started dipping after Kraken decided to suspend staking. The result- A market dip. 

We recently came up with a market analysis for top coins like Cardano and Solana. But let's see what does the current market price analysis for popular Memecoin, Shiba Inu (SHIB) show?

Shiba gained a lot of attention over the past few weeks, since the announcement of a layer-2 network operating on Ethereum meant to minimize costs and increase transaction speeds.

This even pushed the memecoin to get a little bit of traction . However, currently, SHIB is trading at $0.00001244 after seeing a dip of 4.24% The current market cap for this altcoin is $6.8 Billion as it showed a slow down of 13.5% in the past 7 days.

The RSI curve of the SHIB is currently trading at 51.89 which is slightly above the halfway mark of the 50 point line. With the recent crypto slump, the value of the RSI curve has gone down too. If bulls push the price to rise by buying more of the coins, then the value of the RSI curve can rise again.

Investors can hold their buys and wait for SHIB to cross the $0.00001329 resistance level and then see what the trend looks like. on the direction of the trend. Crypto experts believe the value of SHIBA INU might move to 14.03% in a few days and reach $0.00001452. 

Just today, it was revealed that the much -awaited Shibarium is unlikely to launch on february 14 as was expected before and the community might have to wait a little longer. The upgrade might have a positive effect on the crypto, and the signs are already up as the market volume for SHIB grew by 45.65%.