Shiba Inu price has been in the red for the past few weeks, ending the year on a bearish note. The meme coin remains submerged below November’s support zone as the ongoing crypto winter continues to weigh on the crypto market. The total volume of SHIB traded in the past 24 hours has slipped by more than 8% while its total market capitalization has edged lower.
Shiba Inu’s Outlook
Like most cryptocurrencies, Shiba Inu had a rough year in 2022, as its price dropped early in the year on the back of the crypto winter. The meme coin lost over 70% of its value in 2022. In the past year, SHIB has shed more than 76% in price.
The Shiba Inu price is likely to struggle in the first few weeks or months of this year despite the signs of recovery. The meme coin industry is not likely to gain as much grip as it did in the past two years, which will see a steep decline in the trading volume of meme coin projects.
However, despite the bearish outlook, Shiba Inu’s new development project could be a game changer for the Doge-killer. In an announcement made by Shytoshi Kusama, the lead of the project, Shiba Inu’s Shibarium development will launch soon and is being finalized.
The much-awaited layer-2 scaling solution Shibarium will help the Shiba Inu network scale on its host chain Ethereum. The upgrade marks a huge milestone in the meme coin’s ecosystem and Kusama anticipates this year to be a big year for the project.
Shiba Inu Price Analysis
Shiba Inu price remains submerged below November’s support zone at $0.00000828. The meme coin is yet to display the bullish cues needed to increase buying pressure. It is moving below the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) is below the neutral level.
The launch of Shibarium could trigger a rally for the Shiba Inu price. if this happens, bulls will be targeting the key resistance at $0.00001235. However, a decline below the important support at $0.00000750 could invalidate this bullish thesis.