• Market Cap: $1,092,772,379,634.51
  • 24h Vol: $29,794,554,406.60
  • BTC Dominance: 47.33%

Shiba Inu Price Prediction as $100 Million Trading Volume Comes In as Crypto Prices Recover – Here's Where SHIB is Heading Now

Published: Thursday, 8th June, 2023 - 16:11
SHIBA/USD Chart / Source: TradingView

Shiba Inu (SHIB) price predictions remain bearish despite a surge in trading activity that, according to CoinGecko, saw more than $100 million in SHIB tokens change hands over the last 24 hours.

That’s because Shiba Inu’s technical picture is still looking very ugly, with the crypto token current probing for a breakout below its December 2022 lows at $0.0000078.

SHIB/USD was last changing hands close to $0.000008, up a little over 1% on Thursday,  but still down around 7% for the week.

The SEC’s double whammy of lawsuits versus Binance and Coinbase announced on Monday and Tuesday were the catalysts for SHIB breaking below key short-term support in the $0.00000830 area, which confirmed the bearish breakout of a short-term descending triangle pattern and confirmed that the 21-Day Moving Average (DMA) continues to act as strong resistance.

Price Prediction – Where Next for Shiba Inu (SHIB)?

The latest bearish move marks a continuation of downside for SHIB which really accelerated in early May when the crypto token broke to the south of a longer-term pennant structure that it had been forming since prices topped out for the year in early February.

Recent downside also suggests that sellers remain keen to unload their holdings in wake of the recent bearish “death cross”, which occurred in early May.

A death cross is when the 50DMA crosses below the 200DMA.

If a breakout below the December 2022 lows in the $0.0000078 area is confirmed in the coming days/weeks, this should open the door to a retest of 2022’s lows in the $0.0000071 area.

HODLing SHIB bulls can only hope and prey that upcoming ecosystem upgrades, such as the launch of Shiba Inu’s very own Ethereum layer-2 scaling solution (called Shibarium) and SHIB: The Metaverse, can re-inject some impetus back into the meme coin.

The beta version of Shiba Inu’s scaling solution (called Puppynet) has been a success so far, with nearly 18.6 million transactions successfully conducted by over 16.6 million wallets, as per puppyscan.shib.io.

Puppynet is currently processing close to 500,000 transactions per day (similar to bitcoin) and has an impressive average blockchain time of around 5 seconds.

But, for now, this is failing to translate into an influx of new SHIB investors.

As per a Dune dashboard created by @lydiapita, the number of SHIB holders has only risen very slightly this year from around 1.34 million to around 1.37 million.

Shiba Inu (SHIB) Alternative to Consider – yPredict (YPRED)

Investors might want to consider diversifying their crypto portfolio into projects with a better chance of delivering near-term gains.

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.com 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 yPredict.

Enter yPredict?

A ground-breaking new AI-powered crypto trading and market intelligence platform called yPredict is building a first-of-its-kind, institutional-grade crypto price prediction system.

According to observers, the tool, which is powered by yPredict’s in-house deep data analysis, will help crypto investors discover the next explosive crypto with ease.

The best part, yPredict’s crypto price prediction system will remain free and open for all users to access – the price predictions will be made publicly available and require no login to see, the project’s Whitepaper explains.

But yPredict offers investors much more than just crypto price predictions.

The project is “building a cutting-edge crypto research and trading platform that provides traders and investors access to dozens of AI-powered signals, breakouts, pattern recognition, and social/news sentiment features”, the start-up says in its Lite paper.

The platform’s technology was designed using state-of-art predictive models and data insights built by top 1% AI developers and quants.

Meanwhile, “the ypredict.ai marketplace will enable experts to earn recurring revenue by offering their model predictions or data research as trading signals, which traders and investors can subscribe to”.

To fund the development of its revolutionary AI-powered crypto trading and market intelligence platform, yPredict is running a presale of the native $YPRED token that will powers its platform.

The presale is absolutely flying and just hit the massive $2.2 million milestone.

The project’s presale is in its sixth stage, with $YPRED tokens selling for $0.09.

However, there’s still plenty of upside for new investors, as the token will list across major exchanges for $0.12 later this year, for paper gains of 33%.

But the pace at which yPredict’s $YPRED token continues to fly off the shelves means that investors need to be careful not to miss out before the presale sells out.

yPredict has a presale hard cap of $6.5 million, which could be hit in a couple of weeks if the presale continues to gain pace like it has in recent days.

The 33% gains that investors who get in now can secure could pale in comparison with the upside $YPRED could enjoy in the long run.

Visit yPredict Here

This post first appeared on: Crypto News

Author: Joel Frank
Tags in this article
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram