John Isige
The second most popular meme coin, Shiba Inu (SHIB), is waking up alongside other crypto assets a day after the release of the United States Consumer Price Index (CPI) data. Shiba Inu price is up by 4.12% to trade at $0.00001295 at the time of writing against a backdrop of a 6.7% dip in a week.
Meme coins like SHIB, DOGE, and FLOKI are suddenly performing well as investors react to Elon Musk posting his dog. Dogecoin price is up 6% to trade at $0.0866 while Floki Inu exploded by a whopping 34% to $0.00003.
Floki Inu is among the biggest gainers of the day with the uptick attributed directly to Musk’s tweet. Remember Floki Inu is a dog-themed crypto project named after the Twitter CEO’s dog—Floki.
(2) Elon Musk on Twitter: “He’s great with numbers! https://t.co/auv5M1stUS” / Twitter
Many people believe the billionaire is hinting at having found a candidate to take over as the new CEO of the microblogging company. Musk became the CEO of Twitter after firing key executives and other company officials last year.
There have been major changes at Twitter since Musk acquired the company, including firing more than half of the workforce. The billionaire has been accused of spending more time at Twitter and less time at Tesla, where he is also the CEO. However, he announced late last year that he is looking for a CEO while he focuses on leading technical teams.
Can Shiba Inu Price rally To $1?
Being a dog-themed meme coin, SHIB spiked riding on impetus created by Elon Musk’s tweet. In addition to that, the vibrant SHIB Army is looking forward to the token exploding to $1.00 over the coming years.
The projected launch of Shibarium, a layer 2 protocol set to revolutionize the Shiba Inu ecosystem would mark the beginning of such a massive rally. Developers maintain that the new protocol will be released soon, although the actual date is yet to be announced.
As analyzed previously, Shiba Inu price pulled back from its 2023 high of $0.00001578 to collect liquidity from support established at $0.000012. The 200-day Exponential Moving Average (EMA) (in red) was in line to make sure Shiba Inu price cuts short the pullback to embrace a rebound.
From the daily chart, we can see SHIB bouncing off support at the upper boundary of a falling trend channel. A break and hold above $0.000013 could go a long way to improve investor confidence in the uptrend aiming for highs around $0.000016, $0.000018, and $0.00002, respectively.
Shiba Inu Price Rally Awaits This Golden Cross
Shiba Inu price is moving closer to validating a golden cross pattern as the 50-day EMA (in red) closes in on the 200-day EMA (in purple). Traders capitalize on this pattern when betting long on most tradable assets.
Bitcoin price has in the past launched bull markets following the formation of a golden cross. The pattern implies that the odds are in favor of a bullish outcome. Its presence builds FOMO as investors take their positions.
The same outcome is projected for Shiba Inu price as the 50-day EMA crosses above the 200-day EMA. On the upside, the biggest hurdle lies at $0.000015, which if weakened, could propel Shiba Inu price above $0.00002.
Investors with long positions in Shiba Inu can rest easy since the ongoing recovery has the backing of a buy signal from the Super Trend indicator. Like a moving average, this technical index overlays the chart. With readings from the true average range (ATR), the Super Trend gauges the volatility in the market, which results in either a buy or a sell signal.
The call to buy SHIB manifested as the Super Trend flipped below the price, as shown in the chart. Shiba Inu price will uphold the uptrend as long as the Super Trend trails the price in the coming weeks.
Insight from on-chain data as presented by IntoTheBlock reveals the path with the least resistance is to the upside. The IOMAP model, a tool that groups addresses in clusters where they previously bought SHIB tokens, shows Shiba Inu price facing relatively small hurdles toward $0.000015.
On the downside, the second most popular meme coin sits on top of a robust support area, backed by 35k addresses that bought 35 trillion SHIB around $0.000012. Investors in this cohort would be willing to throw their weight behind Shiba Inu price rally, considering they are in the money (unrealized profit) and look forward to the token reaching $0.00002 in the coming weeks.
If support at $0.000012 weakens due to profit booking, Shiba Inu price would respect the next solid buyer congestion zone at $0.000011.
When Is Shibarium’s Launch?
Shiba Inu’s lead developer, Shytoshi Kusama has recently dropped another hint concerning Shibarium’s launch date. According to the software developer, the layer 2 protocol could debut in Q2 2023 and not before the end of March as many were anticipating.
Kusama said via a Telegram that the Shibarium release “MAY be soon,” suggesting that the protocol that aims to decongest the ecosystem would debut in May. Although the main launch could take place in May, the community could be treated to a beta release before then.
Shiba Inu Alternatives To Consider Buying Today
Investors may want to consider other best altcoins to buy alongside side SHIB. We have selected several best crypto presales for 2023 with the potential to return above-average gains.
Our team of experts reviews the cryptocurrencies for this list weekly to ensure you have access to crypto projects with a better risk-reward ratio.
Meta Masters Guild (MEMAG) is one of these revolutionary presales that has so far raised $4.46 million. It is a revolutionary mobile-focused Web3 play-and-earn platform tapping the power of the metaverse to reward users and support their growth.
Meta Masters Guild presale is in the last stage with 1 MEMAG token going for $0.023. Investors may want to follow the link below to learn more about the presale that’s ending in 2 days.
Related Articles:
- Ethereum Price Holds Onto $1,500 as Savvy Investors See Bullish Turn Coming After Zhejiang Testnet
- Crypto Whales Are Snapping Up These 4 Coins – What Do They Know and Should You Buy as Well?
- Will Crypto Regulatory Crackdown Turn the US into a Web3 Failure or Cement its Domination?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by John Isige.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.