The world’s second most popular meme coin, Shiba Inu is slowly approaching solid support around $0.00001210. Bulls are ready for another comeback, this time backed by the launch of Shibarium’s beta launch. Shiba Inu price is in the red because of a bearish wave that has been traversing the crypto market since the previous weekend.
Investors are concerned about increasing regulatory pressure from the United States. Moreover, Hong Kong, in its quest to become a global crypto hub has proposed a new set of guidelines to oversee the operations of crypto trading companies.
Shiba Inu Price Flaunts Incoming Golden Cross
Experts believe the next crypto bull market will depend on how regulators approach the crypto market in the wake of the FTX collapse – still fresh in investors’ minds, especially those who were directly affected. Many crypto projects and companies suffered significant liquidity crunches that are likely to continue ailing the market in 2023.
However, selected tokens like SHIB are looking forward to a busy year bolstered by the launch of Shibarium, a layer 2 blockchain designed to revolutionize the Shiba Inu ecosystem. The development team recently confirmed the protocol’s beta launch is scheduled for early March, with the official launch expected in May 2023.
The beta launch is, however, still significant because over 1 million Shiba holders will buy BONE, one of the tokens within the ecosystem, for very low fees and burn SHIB with every transaction. BONE would be a common factor in the SHIB ecosystem.
Shiba Inu hopes to establish itself as a strong ecosystem supporting the crypto industry with unbeatable solutions in decentralized finance. Shibarium will boost SHIB’s standing as a transaction-oriented protocol.
Investors are looking forward to a bullish Shiba Inu in 2023 supported by the token burn program. So far, 410 trillion SHIB tokens have been burned bringing the total supply to 589 trillion. One key element of the Shibarium layer 2 protocol is to boost the SHIB burn rate. As the total supply decreases, supply and demand dynamics would propel Shiba Inu toward the $1.00 mark.
Assessing Shiba Inu Price Profitability in Short Term
Shiba Inu price is on the verge of sending a buy signal via an incoming golden cross. This pattern manifests as the 50-day Exponential Moving Average (EMA) (line in red) crosses above the 200-day EMA (line in purple).
Traders use the golden cross to affirm the bullish grip on the assets being traded. For that reason, Shiba Inu is still in the right environment to rebound and ‘eat’ one zero to trade above $0.0001 in the coming weeks.
In addition to the golden cross, Shiba Inu price seems ready to uphold confluence support around $0.00001210. This region, highlighted in the yellow band, has been reinforced by the 50-day EMA and the 200-day EMA.
If declines overshoot this buyer congestion zone, the subsequent 100-day EMA (line in red) will come in handy to prevent Shiba Inu price from taking chances with $0.00001. Note that the Moving Average Convergence Divergence (MACD) upholds a sell signal sent in early February. Traders are likely to be locking in their profits or shorting SHIB due to this call to sell the token.
Buy Shiba Inu Now.
Shiba Inu Alternatives to Buy
If you’re looking for other high-potential crypto projects alongside SHIB, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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