After the highly anticipated launch of the Shibarium Beta, Shiba Inu native $SHIB token could be poised to bounce to reclaim impressive heights.
This comes on the tail-end of over a month of retracement, fuelled by rejection from a local high of $0.00001575 on February 4.
February’s retracement movement saw $SHIB sink below both its 20 and 200 day MAs.
Now 37 days and -32% later – the dust is settling – with a current trading price of $0.00001054 (a 24 hour change of -1.68%).
Shiba Inu is now fighting to hold a key support level at $0.00001100.
This is a last-ditch consolidation attempt, an upside move here could be driven by momentum from a bounce off the lower support trend.
If $0.00001100 flips from resistance to support in a redemption of technical structure, Shiba bulls will be able to breathe a sigh of relief as $SHIB will be poised for a leg up.
The RSI suggests this could be a strong possibility – with a month of retracement cooling the indicator down to a bullish 37.5 – a classic oversold signal.
Confirmation from the MACD fails, with slight bearish divergence at -0.00000013 reflecting price action supressed beneath key moving averages.
This then leaves a likely upside target around the upper support level at $0.00001350 (representing a potential +28.3% move).
However, this movement would have to break back above both the 20DA and 200DA moving averages – no easy feat.
Downside risk here remains significant, threatening a complete breakdown of technical rally structure with a fall to nearest support at $0.00000800 (-24%).
This leaves Shiba Inu with a veritably good Risk: Reward ratio of 1.18 – an attractive entry for the intrepid investor.
Why is Shiba Inu ($SHIB) bouncing back?
The launch of the Shibarium Beta last week has stalled a month long bleed-out for Shiba Inu.
With a premier high-speed, scalable, L2 offering that promises to deliver cheap smart contract functionality and a much-needed $SHIB burn mechanism.
Investors are banking on Shibarium’s official launch in Q3 to ignite a $SHIB moonshot.
In the meanwhile, with the launch of the Beta test, a flurry of development activity is underway as Shiba developers race to build out an ecosystem.
Following the release of #ShibariumBETA , it’s time to look into the new projects built on #Shibarium ,#PAWSWAP achievements in a short period of time is outstanding successes, many CEX listings & rapid investors growth#SHIB #btc #bnb #ETH #Crypto #Cryptocurency #TRX pic.twitter.com/3XXCN0f2Iy
— Shibarium News (@meshari79441510) March 11, 2023
Shibarium hopes to reduce Shiba Inu’s huge supply through the introduction of a powerful burn mechanism.
Key to this will be the use of $BONE as both a Shibarium governance token, but also to pay gas fees on Shibarium transactions.
And indeed the $BONE token has already began to gain significant traction as Shibarium induces demand.
This has pushed a series of $BONE CEX listings in recent weeks, and DeFi isn’t missing out on the action.
Most recently $BONE was listed on the Coin Rabbit lending platform, allowing holders to collateralize their stacks.
We've promised to list $BONE on March 13th. But we didn't want to wait for so long. #SHIBARMY this one is for you ;) #BONE is listed on CoinRabbit The 1st lending platform that supports $BONE
Get extra funds without selling BONE in 10 minutes – https://t.co/UdzMeRDTau pic.twitter.com/t8uCKgn97v
— CoinRabbit (@CoinRabbitLoans) March 10, 2023
In other news, the Shiba Inu community continue to make grassroots inroads towards adoption better than any crypto project other than Bitcoin.
SHIBA WINGS coming soon.
March 18, 2023
☞ @shiba_wings#SHIB @ShytoshiKusama pic.twitter.com/UJcdmfthjZ
— KUROSHIBARMY JPN (@kuro_9696_9696) March 12, 2023
A recent fad encouraging independent fast food venues to offer items exclusively purchasable with $SHIB could be coming near you soon.
It is hoped this could inspire a wave of real-life adoption after Shibarium’s burn mechanism brings a halt to high token inflation.
Best Alternative to SHIB? Meet: Love Hate Inu ($LHINU)
Love Hate Inu (LHINU) is a new crypto project that combines meme coin virality with a Vote-to-Earn system.
Interest is ripping through the market as Love Hate Inu kicked off its presale on Tuesday – and has since raised $400,000 in less than a week.
The project enables users to express their opinions on controversial figures like Donald Trump, Andrew Tate, and Elon Musk and other topics – all while earning rewards.
LHINU it is set to transform the $3.2 billion survey industry by offering sponsored polls with rewards such as NFT discount codes and NFTs backed by physical assets.
The LHINU ecosystem has a real-time vote staking mechanism that requires a minimum of 30 days of staking $LHINU to prevent spam and manipulation of the voting process.
The ongoing presale is divided into eight stages, and investors are urged to take advantage of the current presale price of $0.00009 to load up their stacks before the next stage increases the price.
Good morning #LoveHateInu☀️
Become a part of the #LoveHateInu community today and see what everyone will be voting for! #Presale is live!
https://t.co/Pu2Bo8XmK6#cryptocommunity #altcoins #memecoins pic.twitter.com/Bp5sWf1qJr
— LoveHateInu (@LoveHateInu) March 13, 2023
By the eighth and final presale stage, LHINU will cost $0.000145, a 70.5% increase.
LHINU is expected to go viral on social media, following in the footsteps of moonshot meme coins like Dogecoin, Shiba Inu, Floki, and Tamadoge.
Don’t miss out on this opportunity to profit on the next big utility meme coin.
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Love Hate Inu - Next Big Meme Coin
- First Web3 Vote to Earn Platform
- Vote on Current Topics and Earn $LHINU Tokens
- Secure, Reliable and Anonymous Voting
- Rug Pull Proof - 90% of Tokens Available in Presale
- Accumulate Voting Power by Staking $LHINU Tokens
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