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SHIB Price Prediction – Where Can Memecoin Go in 2023?

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2023 is only a few hours away, and people have been reflecting on the performance of some of the biggest successes — and failures of the year. The double whammy that the cryptocurrency market has suffered this year, one due to the LUNA crash and the other due to FTX – has led many to not look at memecoins as they did in 2021. Take chip price, for example. This coin dropped sharply once it entered 2022. At the time of writing, it is trading at $0.000008098.

But does that mean that it will remain in the same price zone next year – or is it better if something happens that will push the price of this asset further?

CHIP price history in 2022

2022 was a bad year for all cryptocurrencies. until the The best digital currencies It has pulled back from its highs to nearly its all-time lows due to the crash caused by FTX. However, Memecoins received a different reaction from the cryptocurrency crowd.

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Trading mostly in volatile areas, memecoins tried to ride the wave of social media and succeeded in maintaining a high level on the price charts entering 2022. Shiba Inu (SHIB) entered 2022 at a high of $0.000033 and managed to hold on to that price for two weeks.

After that, there was a sharp rebound to $0.000020. However, the coin-loving bulls rallied and succeeded in pushing the value of this token back to $0.00033. However, the token took a downward trajectory and got steeper after the LUNA device crash.

The price of steel gray decreased to $0.000011. Bulls tried to push the token back to its early 2022 price, but the bear market conditions were much stronger. This brought the tokens below the $0.000010 mark. People soon realized that the golden days of the chip inu were over. However, back in September, shortly after an upgrade was announced to integrate into the Ethereum ecosystem. SHIB has seen renewed interest from consumers which has allowed it to rally beyond the $0.000015 price point. However, the symbol soon began to decline.

However, it was short-lived, and the value of the token quickly plummeted near its lows in 2022. FTX then led a second crypto winter event that sent the price of this cryptocurrency down. At the time of writing, SHIB price is near its 2022 low of $0.000008.

SHIB price – chart analysis for the past week

While the long term performance of this cryptocurrency has been less than stellar – it is important to know that the Shiba Inu is a memecoin. Memecoin holds more value for intraday traders and less for long-term investors.

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Therefore, when making a SHIB sold price prediction, it is important to look at the weekly performance of this token. Unfortunately, even the weekly performance is nothing to write home about.

Although there are many green candles – as you can see in the charts below – more trades do not translate into an increase in prices. The value of this token has been declining recently, and the graphs show that consumers have only negative interest in this crypto.

SHIB Price Prediction – Short Term

While the weekly chart shows a general lack of interest among the cryptocurrency trading community, upon taking a deeper look at the hourly candles, we find that the Shiba Inu is trading above its 20-day moving average.

Moreover, the token has been performing in green areas for more than 12 hours. According to the Fibonacci retracement level, SHIB has found support at 0.236 Fibonacci retracement level and is testing $0.00000816 at the time of writing.

The recent rally has the cryptocurrency trading community infuriated, with many speculating as to the main reason why this happened.

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SHIB’s price is on the rise – the record burn rate is to blame

We have researched and found that the recent interest in burning Shiba Inu tokens meme is the main reason why there is a sudden increase in their price.

Chip burning rate

Token burning is the process of sending an altcoin to a copy address and removing it from circulation. The latest Shiba Inu burn is reminiscent of the strategy LUNC applied back in September when the DeFi token clipped all market fundamentals to reach its all-time high despite market signals.

At the time of writing, the SHIB burn rate is settling at 13,198%, and to date, more than 301 million Shiba Inu tokens have been sent to burn addresses.

The final SHIB burn in a day and night is the most the token has been able to achieve this year. Note that in the past 4 months, Chiba’s burn rate has decreased dramatically. Perhaps this was one of the reasons for the poor performance of this token in the price charts.

However, that hasn’t stopped SHIB from leading in multiple metrics.

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SHIB’s rating is increasing in many metrics

Whalestats is a wallet tracking platform that offers analysis of several blockchains, including Ethereum and Binance Smart Chain. The site reports that the Shiba is among the top 10 symbols with the highest number of whales.

This means that Shiba is a token found on many crypto whale accounts – which means that this crypto has more value than what is assumed in the market. Does this mean that the price of this asset will increase in the near future?

SHIB price prediction – what does the future hold

Shiba Inu is one of the leading memecoins in the market, second only to Dogecoin. Moreover, at the time of writing, Shiba Inu is ranked 15th in terms of market capitalization. Moreover, the 11-hour burn is driving the price of this cryptocurrency right now. While we don’t know how long this burn will last, it’s safe to say that people are betting on the Shiba Inu entering 2023 big so that next year will be a good one.

Another reason to be optimistic about SHIB in the coming year is that many retailers are starting to accept it as a valid payment method. In addition, there is a stablecoin, and a layer two solution called Cheparium planned for release next year. Based on this, we can say that perhaps the price of SHIB will see a slight increase in 2023.

However, most of them are just speculations at this moment. Therefore, do your own research and stay close to market movements before investing.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

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BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

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DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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