The world’s second most popular meme coin, Shiba Inu is slowly inching closer to a solid support around $0.00001210. The bulls are ready for another comeback, this time backed by the launch of the beta launch of Shiberium. Shiba Inu price is in the red due to a bearish wave that is running in the crypto market since last weekend.
Investors are concerned about increasing regulatory pressure from the United States. Furthermore, in its quest to become a global crypto hub, Hong Kong has proposed a new set of guidelines to oversee the operations of crypto trading companies.
Shiba Inu Price Flaunts Incoming Golden Cross
Experts believe that the next crypto bull market will depend on how regulators approach the crypto market in the wake of the FTX collapse – still fresh in the minds of investors, especially those who were directly affected. Many crypto projects and companies faced significant liquidity crunch which is likely to continue to plague the market in 2023.
However, selected tokens such as SHIB are looking forward to a busy year ahead with the launch of Shiberium, a Layer 2 blockchain designed to revolutionize the Shiba Inu ecosystem. The development team recently confirmed that a beta launch of the protocol is scheduled for early March, with an official launch expected in May 2023.
However, the beta launch is still significant because over 1 million Shiba holders will buy BON, a token within the ecosystem, for a very small fee and burn SHIB with every transaction. BONE will 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. Shiberium will boost SHIB’s position as a transaction-oriented protocol.
Investors are increasingly anticipating a Shiba Inu in 2023, backed by a token burn program. So far, 410 trillion SHIB tokens have been burned, bringing the total supply to 589 trillion. A key element of the Shiberium Layer 2 protocol is the promotion of the SHIB burn rate. As the total supply decreases, the dynamics of supply and demand will push the Shiba Inu towards the $1.00 mark.
Shiba Inu Price Profitability Assessment in the Short Term
shiba inu price is on the verge of sending buy signal Through the coming golden cross. This pattern appears as the 50-day exponential moving average (EMA) (line in red) is above the 200-day EMA (line in purple).
Traders use the Golden Cross to confirm a bullish hold on the asset being traded. For this reason, the Shiba Inu remains in the right environment to rally and ‘eat’ to trade above $0.0001 in the coming weeks.
Besides the golden cross, the Shiba Inu price seems ready to hold the confluence support near $0.00001210. This zone, highlighted in the yellow band, has been reinforced by the 50-day EMA and the 200-day EMA.
If the declines move beyond this buyer congestion zone, the subsequent 100-day EMA (red colored line) would be useful to prevent Shiba Inu price from taking risks with $0.0001. Note that the moving average convergence divergence (MACD) is retaining the sell signal it sent in early February. Due to this call to sell the token, traders are likely to lock in profits or short SHIB.
Shiba Inu Buying Choices
If you are looking for SHIB as well as other high potential crypto projects, we have reviewed the Top 15 Cryptocurrencies for 2023, as analyzed by SHIB. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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