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Shiba Inu Coin Price Prediction: Don’t Get Fooled By The Bounce

shiba inu
The dog breed Shiba Inu close up on green grass

Shiba Inu (SHIB) coin price prediction is looking bullish for a least the short term due to the reclaim of the 200-day moving average. SHIB price is 5% up this week as the Bitcoin price struggles to reclaim $28,000. While the price is 28% down from the YTD high of 0.00001575, it is still 40% up from the yearly lows.

This week marks the 2nd consecutive green week for SHIB price. After a good start to the year, the price of top memecoin dropped by 9.9% in March 2023. Nevertheless, the coin has shown a significant recovery since its March lows and now trading 17.5% up.

SHIB Price Pumps As Elon Changes Twitter logo

On Monday, the dogcoins surged as Twitter CEO, ELON Musk, changed the Twitter logo from the bird to a shiba inu dog. Elon also shared an old Twitter thread where a user asked him to buy Twitter and change its logo to Doge. Along with Dogecoin, Shiba Inu coin price also soared on the news but couldn’t gain much momentum.

In other Shiba Inu news, the beta test network of Shibarium, also known as Puppynet, is thriving, as the total transactions on the blockchain have reached 203,407. At the same time, the number of wallets using the beta version of Shibarium has also reached 108,591.

Shiba Inu Coin Price Reclaims 200 MA

The following SHIB price chart shows a consolidation around the 200-day moving average. At the start of this week, the price retesting this indicator once against bounced off immediately. This shows that there is a significant demand around 200 MA. The daily chart also shows that the next big resistance lies at $0.00001394.

Despite a reclaim of the 200-day MA, our Shiba Inu coin price prediction is yet to flip bullish. The reason is that the price has created a lower low on the daily timeframe. Therefore, it needs to close a day above $0.00001394 to flip bullish once again.
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Shiba Inu coin price chart
SHIB Price Chart