Meme cryptocurrency Shiba Inu (SHIB) ended 2022 having failed to replicate the gains of the 2021 bull run. Overall, the asset was hammered by the crypto sector meltdown as incidents such as the FTX exchange collapse affected investor confidence.
However, the machine learning algorithm at PrecePredictions projects that SHIB is likely to extend the bearish trend across January 2023. According to the projection, the decentralized finance (DeFi) asset would likely trade at $0.000008036. The prediction represents a drop of about 1% from SHIB’s price at the time of publishing.
The forecast takes into account technical indicators such as moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB), among others.
With the PricePredictions forecast highlighting a gloomy future for SHIB, the CoinMarketCap crypto community is bullish on the token’s prospect. According to the community, SHIB will likely trade at an average price of $0.00001102 on January 31, 2023.
Shiba Inu price analysis
By press time, Shiba Inu was trading at $0.0000082 with gains of about 1.6% in the last 24 hours to extend its sideways trading pattern.
Elsewhere, TradingView’s technical analysis (TA) indicators on 1-day gauges were dominated by the bearish sentiment. The summary of the gauges aligns with the ‘sell’ sentiment at 11, while moving averages are for a ‘strong sell’ at 11. For oscillators, the gauges are for ‘buy’ at 2.
SHIB fundamentals
Shiba Inu’s performance largely depends on how the general crypto sector price movement plays out. At the same time, the asset will be relying on increasing network activity, like the accelerating burn rate aiming to improve SHIB’s utility.
Notably, SHIB’s price has failed to replicate the impact of the network activity, although the token remains popular despite failing to rally. In this line, Shiba Inu emerged among the top three most-watched cryptos for 2022 on the Binance crypto exchange.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
