SHIB January 2023 Price Forecast

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1. Original dog behind meme coin send price of SHIB plummeting.
2. SHIB developers are working on on new initiatives to better natural world.
3. SHIB price was down by 1.09% and was trading at $0.000007925.

The health of Pumpkin, the original dog behind the meme coin and a major source of inspiration, has sent the price of Shiba Inus plummeting. A lot of people are concerned about the dog, and they hope she gets better soon. Fans have offered to cover the dog’s medical bills.

The Shiba Inu group is, in fact, working on a number of initiatives meant to better the natural world. New innovations, such as Shiba Inu Eternity and SHIB Burns, are being created and implemented by the group.

As of the time of publication, the SHIB price was down by 1.09% and was trading at $0.000007925 according to CoinMarketCap data. The Meme coin has recorded a loss of 3.31% from yesterday’s price and a 91.05% decrease in its price from last year Oct 28, 2021. SHIB has established support at $0.000007869 and resistance at $0.00000806.

The value of the meme coin has dropped significantly during the month of December. Shiba Inu was worth $0.00000931 at the beginning of this month. Evidently, its trading volume has dropped significantly since the month’s beginning.

Our analysis indicates that in 2023, the range of prices at which SHIB can be bought or sold is from about $0.0000134987 to about $0.0000165083. The average trading price is expected to be $0.0000139766, or about $0.000013. Having peaked at $0.00008845 on October 28, 2021, Shiba Inu has since lost 90% of its value.

Shiba Inu (SHIB) Technical Analysis

The True Strength Index (TSI) on the 4-hour price chart is below the signal line at -38.0416, indicating that bears in the SHIB market have dominated the market and Shiba Inu prices are in a bearish sentiment, and this might continue in the SHIB market in the coming hours.

Bearish market sentiment may persist into the near future as the Moving Average Convergence Divergence (MACD) line is currently situated below the signal line. So, traders and investors need to be very careful before diving into the SHIB market. This bearish strength may persist in the SHIB market for the foreseeable future, as the trajectory histogram has formed in the negative region.

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