Amidst a Bitcoin and broader cryptocurrency market downturn, Shiba Inu experienced volatility of over 9% on Wednesday. The cryptocurrency saw an intra-day high of $0.00001169 after hitting an intra-day low of $0.00001072. However, Shiba Inu’s price eventually closed the day at $0.00001093, resulting in a loss of 1.71%.
As the end of Q1 approaches, investors and traders alike are wondering if SHIB’s price has the potential to experience a 10x growth in 2023.
Shibarium Launch to Impact SHIB Price
One reason for SHIB’s increased volatility is the upcoming launch of Shibarium. Shibarium is a decentralized exchange (DEX) platform developed by Shiba Inu that aims to compete with popular DEXs like Uniswap and PancakeSwap.
The only *official* dex of Shibarium is ShibaSwap. Projects claiming otherwise are probably scamming. Some people while working with Shib unethically leverage Shib’s name and contacts for personal gains and listings, people and exchanges please do DYOR
— Kaal (@kaaldhairya) March 4, 2023
However, network developers and admins have issued a warning about increased scams related to Shibarium. They urge caution and advise community members to wait for official accounts to release further information. These warnings come in the wake of various Shibarium beta or scam links being discovered, with some community members even losing their holdings as a result.
The Shiba Inu community eagerly awaits the launch of the Shibarium exchange, which is scheduled to take place on March 11, according to their official Twitter account. If Shibarium performs as expected, the price of SHIB will likely react positively.
Shiba Inu Price Prediction and Technical Analysis: Bearish Momentum Signals Caution for Traders
Shiba Inu’s technical indicators are currently signaling bearish momentum for the cryptocurrency.
Exponential Moving Average
The 20-day, 50-day, and 100-day EMA are at $0.00001187, $0.00001185, and $0.00001137. The EMAs are currently in a downtrend with 20-day and 50-day EMAs on the brink of a bearish crossover. SHIB’s price is currently below all of the significant EMAs at $0.00001100, which indicates that the short to long-term bias for the cryptocurrency is currently bearish.
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD)
The RSI is at 36.99, which indicates a slightly oversold condition for SHIB’s price. However, traders should be cautious as the MACD histogram is showing a negative trend. The previous day’s MACD histogram was -0.00000021, while the current day’s MACD histogram is -0.00000019. These leading indicators also signal bearish momentum for SHIB.
Volume and Price Action
The volume for Shiba Inu is currently at 2.577 trillion, which is significantly lower than the previous day’s volume of 7.422 trillion. The volume moving average is at 3.843 trillion, and with a few hours left in today’s trading session, it is yet to be seen whether today’s volume will surpass the volume moving average.
Support and Resistance: Key Levels to Watch for Shiba Inu Price
Currently, the SHIB price is at $0.00001100 with a gain of 0.64% so far today. Traders should be aware of the immediate resistance at the 100-day EMA of $0.00001137, followed by the horizontal resistance at $0.00001160 to $0.00001174.
SHIB is currently trading around the immediate support level, which is currently at $0.00001083 to $0.00001095. If the price of SHIB continues to decline, it could potentially push down to its next support level of $0.00000971 to $0.00000985.
Love Hate Inu: A Promising Alternative to Shiba Inu Amidst Its Bearish Bias
As the bearish trend of Shiba Inu persists, investors are in search of alternative cryptocurrencies with potential growth for 2023. Love Hate Inu (LHINU) is a newly launched meme coin cryptocurrency that offers something unique in the market.
Love Hate Inu will soon launch a vote-to-earn voting platform, allowing holders of LHINU to stake their tokens and engage in polling on various subject matters ranging from politics, entertainment, and social issues.
Blockchain Technology-Based Voting System
The development team of Love Hate Inu confirms that the voting system is based on blockchain technology that assures fairness, transparency, and security. By staking LHINU tokens and casting votes on polls, users will gain rewards in the form of additional tokens from the poll’s creator.
The more tokens a user stakes and the longer they remain vested, the greater their voting power in each poll. The developers will initially oversee the implementation of polls on this platform, but their vision is to pass control over to the community in the form of a Vote Submission system later this year.
This way, users can submit their own poll concepts and have them considered by other members.
LHINU Tokens are Available via Presale
The Love Hate Inu #presale is now live and ready for you to participate in!
Follow our official account for updates on the funniest #memecoin project of the year!
— LoveHateInu (@LoveHateInu) March 9, 2023
Love Hate Inu is currently holding a presale for its LHINU token to fund the development of the platform. The project has raised over $173,000, with over 18% of the stage one presale tokens already sold.
LHINU tokens are presently trading at $0.000085, with the price set to increase to $0.00009 in the second stage of the presale. Early investors can anticipate a return of 70% by the end of the presale, with projections that the price will rise to $0.000145.
Can LHINU Experience Explosive Growth?
Love Hate Inu plans to merge two rapidly growing sectors: crypto meme coins and the online survey industry. Love Hate Inu aims to disrupt the online survey market with its blockchain-powered voting platform that records immutable results using distributed ledger technology. The LHINU token’s market cap could soar higher, similar to Shiba Inu’s 2021 performance, if Love Hate Inu becomes a popular online polling platform as it aims to do.
Prospects for LHINU in 2023
By the end of the LHINU presale, the token price is expected to reach $0.000145, with a market capitalization of $14.5 million. If Love Hate Inu meets its goals, such as giving the ability of poll creation to members, monetizing its data through partnerships with companies, and integrating with virtual reality experiences, it is expected that the market cap could significantly expand by 2024.
Assuming LHINU attains only 5% of SHIB’s $6.3 billion market capitalization, this would suggest a market capitalization exceeding $315 million, with LHINU’s token price reaching $0.00315.
As investors seek new opportunities amidst Shiba Inu’s bearish bias, Love Hate Inu’s unique concept and promising potential could make it a top contender for the crypto market’s next explosive memecoin.
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