Shiba Inu (SHIB), the Ethereum blockchain-issued ERC-20 crypto token that powers the Shiba Inu web3 ecosystem, continues to struggle to gain traction, with prices remaining capped under the 200-Day Moving Average just above $0.000010.
As a result, near-term price predictions remain pessimistic.
Shiba Inu is trading close to the bottom of a $0.0000096-1170 range that it has been stuck within since early March, having recently broken to the south of an uptrend that had been in play since late December 2022.
With SHIB trading below all of its major moving averages and having broke its 2023 uptrend, a break below support in the mid-$0.000009s is looking increasingly likely.
That could open the door to a drop back towards last December’s lows in the $0.000008 area.
It remains to be seen whether optimism about upcoming upgrades to the Shiba Inu ecosystem, such as the incoming launch of the alpha version of the Shibarium layer-2 scaling solution and SHIB: The Metaverse later this year, and optimism about Shiba Inu being added to neo-banking crypto application blockbank’s earn program can lift sentiment.
Time to Buy?
Shiba Inu faces the risk of a near-term downside, suggesting that potential investors who are a little patient might be able to wait and secure a more favorable price in the coming weeks.
But in the grand scheme of things, SHIB’s price remains very suppressed versus its 2021 peaks, so even if investors bought now, they would arguably still be buying the dip (in the long term anyway).
Of course, that’s assuming that Shiba Inu does mount a solid recovery during the upcoming bull market.
Its struggles to keep pace with other major blue chip currencies like Bitcoin and Ether in recent months is a disturbing sign that the meme coin might not do too well during this bull market.
But as the Shiba Inu development team continues to expand the meme coin’s web3 ecosystem, thus adding utility to the token, that should boost its valuation, at least in the long run (assuming the growing web3 ecosystem attracts a growing user base).
Love Hate Inu – Shiba Inu Alternative to Consider
While blue-chip cryptocurrencies like Bitcoin may continue to perform well in the coming months and years, investors should nonetheless always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One project that the team is a big fan of right now is the Love Hate Inu, who are currently in the process of conducting a highly successful presale.
Love Hate Inu is building a revolutionary new Shiba Inu dog-meme-themed, blockchain-powered social media voting platform.
Platform users will have the opportunity to debate and discuss the world’s most controversial topics and figures, including the likes of Elon Musk, Donald Trump and Andrew Tate.
$LHINU token owners will have the opportunity to stake their tokens get the right to vote in various polls and they will then be rewarded for voting with more LHINU tokens.
Hence why the platform is being referred to as stake-to-earn and vote-to-earn.
In just a few weeks, Love Hate In has now raised a whopping $8.2 million and the presale has already reached its seventh stage.
Investors who move quickly now can still secure tokens for $0.000135 before the presale enters its final stage and the price moves up to $0.000145.
Observers think that Love Hate Inu’s innovative blockchain-based voting system could catch fire later this year when the platform is released, potentially launching LHINU’s token significantly higher than the current presale price.
Some have even suggested that Love Hate Inu could one day rival the likes of dominant meme coins like Dogecoin and Shiba Inu, thanks to the meme coin’s better-defined utility.
This news is republished from another source. You can check the original article here.
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