Shiba Inu (SHIB) trading volumes in the last 24 hours recently clocked in at around $160 million across major exchanges, as per CoinGecko data.
While this is low compared to recent history – earlier this month SHIB trading volumes were frequently exceeding $300 million each day – this was enough to put Shiba Inu (SHIB) in the top 20 coins by trading volume.
After a spike in January and February, Shiba Inu trading volumes have been trending lower in recent months, as per data sourced from CoinGecko’s API.
That’s demonstrated by the fact that the 30, 90 and 365 daily moving average of trading volumes all continue to trend lower.
Fading trading momentum isn’t much of a surprise in light of Shiba Inu’s failure to keep pace with the cryptocurrency market’s broader momentum thus far in 2023.
While Bitcoin and Ethereum are up in the 20-30% range each since the start of March, Shiba Inu has fallen about 11%.
That’s despite hype surrounding the upcoming release of Shiba Inu’s Ethereum layer-2 scaling solution called Shibarium, a beta version of which has already been released and has been performing well.
SHIB/USD was last changing hands around $0.00001050, after failing to push back to the north of its 200-Day Moving Average earlier in the session.
The 200DMA has acted as a key level of support turned resistance in recent weeks.
Price Prediction – Is a SHIB Pump Incoming?
Chart analysis, at least in the short term, suggests that a SHIB pump is likely not going to happen in the immediate future.
Earlier this month, SHIB had been forming an ascending triangle and some had been predicting a break above the $0.00001170 resistance area and a pushback towards annual highs around $0.000016.
However, instead of breaking to the upside, SHIB last week instead broke below an uptrend from the late-December 2022 lows and fell under its 200DMA to test $0.000010.
Wednesday’s failure to break back to the north of the 200DMA may be seen by some as confirmation that SHIB is in a short-term bearish trend.
A test of the March lows in the $0.00000960s seems plausible.
Shiba Inu Alternative to Consider
Investors should 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 such project that the team has identified as having a very strong potential is Ecoterra.
Ecoterra is the native cryptocurrency of a blockchain-run green ecosystem that incentivizes environmentally friendly behavior.
Ecoterra’s ecosystem consists of a Recycle to Earn (R2E) platform, a carbon offset marketplace, a marketplace for recycled materials and an impact profile.
The green web3 start-up’s R2E app is supported in any country that uses Reverse Vending Machines (RVMs), meaning a huge potential market.
Ecoterra is in the fourth stage of its ECOTERRA token presale, with tokens currently priced at just $0.00625.
The project just passed the massive milestone of having raised over $2.4 million.
Potential investors should note that the presale price will soon rise to $0.007 and that the token will list on exchanges at $0.01 – a 60% jump from current levels.
This news is republished from another source. You can check the original article here.
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