Shiba Inu Price Prediction as Whales Hold $0.000008 Level – Where is SHIB Heading Next?

The Shiba Inu price has remained flat in the past 24 hours, keeping to the $0.00000803 level as the wider market rises by 1.5% today.

This puts SHIB at a 10% gain in the past week and a 13% rise in the last 14 days, although the meme token is actually down by 1% since the beginning of the year.

This decline since January stands in contrast to the performance of many other major tokens, with the likes of BTC, ETH, XRP and SOL all rising substantially since 2023 began.

However, a positive interpretation of SHIB’s underperformance is that it sets the altcoin up nicely for some above-average gains in the near future.

Shiba Inu Price Prediction as Whales Hold $0.000008 Level – Where is SHIB Heading Next?

Given that the Shiba Inu price has had a good week or so, its technicals continue to look promising.

Most notably its RSI (purple) remains close to 70, signalling some very good buying pressure that doesn’t look like it will be ending soon.

The coin’s 30-day average (yellow) is also rising steadily towards its 200-day (blue), another sign of increasing momentum.

Yet the shorter term average is still below its longer term counterpart, meaning that SHIB can continue rising before it becomes overbought.

Perhaps the over most positive sign is SHIB’s 24-hour trading volume.

This has risen from around $50 million a few weeks ago to $400 million last week, with the current volume still at a healthy $150 million.

Such high levels indicate strong interest in SHIB, with the token still the most widely held ERC-20 coin among whales.

🚨 🚨 4,560,030,677,374 #SHIB (31,756,053 USD) transferred from unknown wallet to unknown wallethttps://t.co/bYhXtSlX0s

— Whale Alert (@whale_alert) October 20, 2023

SHIB has also witnessed a few large transfers in the past few weeks, which again also suggest growing interest in accumulating the token.

However, critics may suggest it’s concerning that, even among a Bitcoin ETF-fueled market-wide rally, SHIB is still down over the year to date.

Some may argue that this signals a coin suffering from a long-term decline, yet SHIB has stronger fundamentals than most other meme tokens.

It has seen the launch of Shibarium in the past few months, with the layer-two network enjoying rising transactions in recent weeks.

There has certainly been an uptick of Daily Transactions on #shibarium 🚀🔥💰 pic.twitter.com/fh8dX3gTRC

— Crypto Invest 🚀🔥💰 (@Crypto040622) October 26, 2023

It also continues to look forward to the launch of SHIB: The Metaverse, an event which would likely send SHIB soaring.

As such, the Shiba Inu price is likely to return to $0.0000090 in the next couple of weeks and end the year at around $0.0000150.

New Meme Tokens For Big Rallies

Because SHIB remains in an uncertain position, many traders may opt to invest in other alts right now, with the market enjoying a healthy supply of promising new coins.

This includes promising new presale tokens, which can often rally big when listing on exchanges.

It’s possible that something like this will happen with Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $870,000 in its presale.

New week. New possibilities.

Gonna be a big one for Meme Kombat as we approach $900k in presale💪 pic.twitter.com/IrItVNW1Fu

— Meme Kombat (@Meme_Kombat) October 30, 2023