Shiba Inu: Key Technical Factors That Could Skyrocket SHIB Price

Shiba Inu, the dog-themed altcoin launched by pseudonymous creator Ryoshi, saw a heartbreaking 2022, with its price plummeting to 50% from its all-time high price in 2021. But SHIB is still alive, and if some key technical factors are met, the Shib Army could see the price of the humble crypto asset skyrocketing.

The Shiba Inu development team has been very active this year with activities including launching projects, collaborating with partners and introducing initiatives that could help increase the use case of the SHIB. This year saw the initial land offering of "SHIB: The Metaverse," the rollout of "Shiba Eternity," the first-ever collectible card game of the community and the unveiling of the all-new official website.

But, the bitter crypto winter that has been prolonged by the controversial collapse of Terra in May and FTX in November impacted the crypto market and made it hard not only for SHIB but also for major crypto assets like Bitcoin and Ethereum to rise. SHIB maintained its seat in the list of crypto assets, which suggests that the development team is on the right track in handling the current market situation.

Interestingly, looking at key technical indicators show that Shiba Inu could see a price breakout this year.

Daily Exponential Moving Averages (EMA) maintained a bearish stance as prices were trading under the EMA 100, EMA 50 and EMA 20. If SHIB breaks these key resistance levels on a daily basis, the EMAs could reshuffle themselves and show a bullish alignment.

Another technical indicator to consider is the Relative Strength Index (RSI), which at the moment shows SHIB at a low RSI of 38.67, which is below the key RSI 40 level. To get away from this bearish sphere, SHIB needs to break past the RSI 40 and RSI 50 resistance levels and potentially create a trend reversal.

Additionally, the Moving Average Convergence Divergence (MACD), which over the past weeks, has shown SHIB attempting multiple but unsuccessful bullish crossovers. Based on the histogram, both signal lines and MACD are so close that a move could be possible very soon.

And there is the imminent launch of the layer-2 solution Shibarium, which is one of the highly anticipated projects of the Shib Army.

With Shytoshi Kusama, SHIB's pseudonymous lead developer promising the initiative is launching "soon," noting that 2023 will be a great year for humanity, the announcement of Shibarium and its eventual launch is expected to send the price of Shiba Inu token flying.

As of 10:18 p.m. ET on Jan. 1, SHIB was trading up 0.08% at $0.000008084 with a 24-hour volume of $56,743,520, according to the latest data from CoinMarketCap.