Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization, is going sideways in the $0.0000087 area, with the 21-Day Moving Average (DMA) having acted as a magnet to the price action for the last three days.
Shiba Inu bulls are hoping that the cryptocurrency can close above the 21DMA and a recent downtrend, which could set up a potential retest of recent highs in the $0.0000092 area, or even a move back towards resistance in the $0.0000097 area in the form of March/late-April lows.
But if fails to get convincingly back above its 21DMA, are likely to remain bearish.
Indeed, the longer-term technical outlook continues to look concerning for the SHIB price.
The breakout below the March to April uptrend in early May continues to create sell pressure, as does the recent “death cross”, where the 50DMA crossed back under the 200DMA.
Technicians continue to make the price prediction that will retest its late 2023 lows under $0.000008 level.
Now might be a good entry point if SHIB if the cryptocurrency can break above near-term resistance levels and rally back towards $0.000010.
But it’s a risky bet, with many expecting SHIB’s decline to continue for the foreseeable future.
Shiba Inu (SHIB) Alternative to Consider – yPredict (YPRED)
With utility-lacking dog meme coins like Shiba Inu seemingly going out of fashion (hence SHIB’s failure to keep pace with the broader crypto market rise this year), investors should consider diversifying their crypto holdings to an area that very much is in fashion and has been doing exceedingly well in recent months.
That is in the niche of cryptocurrencies with an AI-linked use case.
Since the launch of ChatGPT last November, which may go down as a watershed moment in terms of humanity’s technological progression, AI has been all the rage.
Cryptocurrencies like Render Network’s RNDR token and SingularityNET’s AGIX token have been flying this year, with both up 560% and 610% respectively year-to-date.
While the outlook for those tokens remains strong, this year’s rally means they are now relatively more expensive.
One cryptocurrency with an awesome AI-use case that is still going on the cheap is YPRED token.
yPredict is building a revolutionary new AI-powered trading signals platform and has been generating massive hype in the crypto space.
Using state-of-art predictive models and data insights built by top 1% AI developers and quants, yPredict’s in-development platform plans to hand market participants an “unbeatable edge”.
The platform will offer users, AI trading signals, real-time social and news sentiment analysis, AI technical analysis and AI-powered chart pattern recognition.
Get $YPRED on the Cheap Now Via yPredict’s Viral Presale
Predicting price movements in the cryptocurrency market is difficult, even with years of experience in understanding macro, crypto fundamentals and technical analysis.
Artificial Intelligence () technology, which has been making significant strides in recent months, can offer a helping hand.
AI models can analyze huge amounts of price data to identify trends that would have gone unnoticed by the human eye.
Good models can hand traders a valuable market edge.
It is thus hardly surprising that new AI-powered crypto price prediction platform ’s presale has been generating massive buzz.
The presale, already in stage six, just surpassed $1.9 million mark, an amazing achievement given the presale only launched a few weeks ago.
Interest investors should move quickly to secure tokens while they are still cheap at just $0.09 each.
When the presale hits $2.982 million and enters its next stage, that price will go up 11% to $0.1.
The YPRED token set to list across major crypto exchanges later this year at $0.12.
That means investors who get in now will be sat on paper gains of around 33.3% when YPRED ICOs.