Shiba Inu Price Prediction – Can SHIB Reach 1 Cent?

SHIB/USD eight-hour chart
SHIB/USD eight-hour chart

The Shiba Inu price has fallen from the recent bullish price action that saw it tag $0.00000935 a few days ago. It has now tagged support lower down and looks to be ready for its next leg upward.

The bullish outlook for Shiba Inu (SHIB) was reflected in the overall crypto market this week, as investors reacted positively earlier in the week to the better-than-expected Consumer Price Index

However, after the Fed increased interest rates by 50 basis points on Tuesday, global markets took a hit, and SHIB fell back down to support. It is now consolidating in preparation for the next leg up.

Shiba Inu Price Prepares to Rally as Exchange Outflows Soar

The price of Shiba Inu has fallen from its weekly high and is currently holding at $0.00000917, and a break above that level is necessary to maintain the uptrend and reach highs above $0.00001. 

A move beyond $0.00000941, a hurdle represented by the 100-day EMA, could clear the path to the upper falling trend line.

SHIB/USD eight-hour chart
SHIB/USD eight-hour chart

Traders will be closely watching to see if Shiba Inu’s price can remain above the lower trend line. A green candle above this support line could be interpreted as a signal to enter a long position, with potential exit targets at the 50-day EMA, 100-day EMA, and 200-day EMA (in purple at $0.00001012).

Shiba Inu Price Fundamentals Flip Positive

Recent data from Santiment suggests that investors have been moving their assets away from exchanges. This is perhaps related to the FTX crypto exchange collapse early last month. On Tuesday, 372 billion SHIB tokens were recorded as being withdrawn from exchanges. While this figure decreased to 7.2 billion on Thursday, it is still relatively high.

Shiba Inu Exchange Outflow chart
Shiba Inu Exchange Outflow chart

The recent spikes in the number of SHIB tokens being withdrawn from exchanges suggest that investor sentiment is becoming more positive toward Shiba Inu. This is because investors often move their assets away from exchanges when they plan to hold them for longer periods of time. 

This also reduces overhead pressure, allowing the price of Shiba Inu to rise. Data from the Supply Distribution chart also shows that Shiba Inu whales have resumed selling, with addresses holding 1 million to 10 million tokens now holding 0.204% of the entire network’s supply, up from a monthly high of 0.20%.

Shiba Inu Supply Distribution

As buying pressure steadies behind Shiba Inu, the price will likely gain momentum. Besides, the Market Value Realized Value (MVRV) ratio shows that SHIB is still in a suitable buy zone.

Shiba Inu MVRV chart
Shiba Inu MVRV chart

Investors consider SHIB undervalued if the MVRV stays below the mean line at 1. With the ratio at -2.53%, buying the meme coin now could return significant gains. Market participants tend to sell SHIB when the MVRV flips above the same mean line at 1.

Shiba Inu Alternatives to Consider When Diversifying Investment Portfolios

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

Dash 2 Trade (D2T) – Presale Enters Final Stage

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. 

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.82 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.

Visit Dash 2 Trade here

RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $562K in funds in the few weeks since the launch of the pre-sale. 

Visit RobotEra Now

Calvaria (RIA) – Final Presale Stage Now

Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.

Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.45 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.

Visit Calvaria Now

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
%d bloggers like this: