How Far Can Shiba Inu (SHIB) Soar in January 2024? Experts prediction & Price Analysis

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20 Jan 2024

In 2023, Shiba Inu (SHIB) and other meme coins like Dogecoin (DOGE) experienced a relatively subdued period. SHIB saw a modest 28% price increase from January 1, 2023, to January 1, 2024, lagging behind the remarkable growth of Solana (SOL) with an almost 1000% surge and Bitcoin (BTC) with over 150% growth during the same timeframe.
Despite the introduction of Shibarium, a significant layer-2 network, SHIB faced challenges. However, investors and enthusiasts are optimistic that 2024 could bring a different narrative for this popular dog-themed cryptocurrency.
Anticipating Shiba Inu’s (SHIB) Performance Heights in January 2024
As per CoinCodex, Shiba Inu’s (SHIB) price is projected to potentially reach $0.00001158 by the conclusion of January 2024, indicating a roughly 7.2% increase from its current value. Nevertheless, the platform foresees a dip in SHIB to approximately $0.000009 in mid-January before witnessing a resurgence.
coincodex
Changelly provides a slightly different prediction, forecasting SHIB to reach $0.00001136 by January 31, 2024, with a 7% rise from current prices. Changelly also expects SHIB to drop below $0.00001 in mid-January.
Telegaon offers a more optimistic outlook, predicting Shiba Inu (SHIB) to reach a maximum of $0.0000571 in 2024, without specifying the timeline for achieving this target.
While various platforms and analysts anticipate a rise in SHIB’s price in 2024, the timing of this potential rally remains uncertain. If the crypto market enters a bull run, possibly triggered by a spot BTC ETF (Exchange Traded Fund) and BTC’s halving in April, SHIB might experience an upward movement. Additionally, given its comparatively muted performance in the previous year, there’s optimism for a more significant growth trajectory in the coming months.
Furthermore, the initiation of token burning on SHIB’s layer-2 network, Shibarium, starting from January, is anticipated to contribute to the potential rise in price. One notable obstacle influencing SHIB’s price is its substantial circulating supply. The reduction of SHIB’s supply by the team could potentially pave the way for a surge in the asset’s price in the near future.
Technical Analysis of Shiba Inu (SHIB)
Coinpedia
Shiba Inu (SHIB) is currently priced at $0.000009655 with a 24-hour trading volume of $330 Million The coin has experienced a 0.56% increase in the past hour but faced a 9.10% decrease in value since yesterday.
Coinpedia’s on-chain data notes SHIB’s DEX liquidity at 2,662,077.562563028 SHIB among 28 active pools on the Ethereum network over the last 6 months.
Moving Averages:

Short-term (5-day and 20-day): Bearish crossover indicates positive short-term momentum.
Medium-term (20-day and 50-day): Bullish crossover suggests potential strength in the medium term.
Long-term (50-day and 200-day): Bullish crossover indicates an extended bearish trend.

Volatility and Indicators:

Volatility: 5.62%, reflecting relatively stable price movement.
RSI (Relative Strength Index): 39.61, signaling neutral territory for overbought or oversold conditions.
MACD (Moving Average Convergence Divergence): Slightly positive at 0.0000001234, indicating upward pressure.

Stochastic K, ROC, and MFI:

Stochastic K: 33.15 in the bulls zone.
ROC (Rate of Change): -0.46, showing modest negative price momentum.
MFI (Money Flow Index): 42.81, suggesting a healthy level of market participation.

Considering the positive signals from moving averages, moderate volatility, and various indicators, the current analysis leans towards a strong buying signal. However, investors should remain vigilant and adapt to evolving market conditions. Always conduct thorough research and, if uncertain, seek professional advice before making investment decisions.

Conclusion
In January 2024, Shiba Inu (SHIB) faced mixed predictions for its price. CoinCodex forecasts a potential increase to $0.00001158, while Changelly suggests $0.00001136 with a mid-January dip. Telegaon is more optimistic, envisioning a maximum of $0.0000571 in 2024.
Despite uncertainty in timing, optimism prevails due to SHIB’s muted 2023 performance. Token burning in Shibarium and addressing the circulating supply challenge are viewed positively. Technical analysis shows a mix of short-term positivity, medium-term strength, and a long-term bearish trend. Investors should consider these factors for a comprehensive view of SHIB’s market dynamics.

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Written by Zameer Attar

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Unveiling the Mysteries of Crypto | Analyst Extraordinaire 📊💎Stay tuned for market updates, educational content, and thought-provoking discussions🚀💡