Shiba Inu (SHIB), the world’s second-largest dog-inspired meme coin with a market capitalization of $6.5 billion, was last changing hands near $0.000011 per token, largely flat on the day.
Trading in cryptocurrency markets on Friday has closed for Good Friday, along with most traditional financial markets in Europe and the US.
The recently released US labor market report for March was mostly in line with expectations, thus failing to trigger any meaningful breakout in the crypto market.
for now, Shiba Inu It Holds Up Despite Selling Pressure at Rival Memecoin dog coinWhich was triggered by Twitter removing the Dogecoin logo as the main logo on the platform.
that’s probably because Shiba Inuwhich has a different logo from Dogecoin (a cartoon version of a Shiba Inu), was never too excited when Twitter first implemented the Dogecoin logo.
Shiva/USD is down about 6.5% from its previous weekly high in the $0.00001170 area, but is still up about 13% from last month’s low at $0.000010.
where is shib going now
The Shiba Inu’s price action has been subdued by historical standards in recent weeks, with the 200-day moving average (currently at $0.00001060) acting as a magnet, indicating an uncertain market.
However, with the broader cryptocurrency market trending upward (many think bitcoin will soon return to $30,000 and Ether to $2,000), the Shiba Inu trend may well be extended in the coming months.
The Shiba Inu is currently up about 35% from the start of the year.
The near-term technical outlook of the cryptocurrency supports this thesis.
The Shiba Inu appears to be forming an ascending triangle formation, which often forms ahead of bullish breakouts.
SHIB is following an uptrend from the March low but continues to find resistance in the $0.00001170 area.
A breakout north of the $0.0000170 resistance could be the trigger for a higher push towards the previous yearly high in the $0.000016 area, which would mark a 45% upside from current levels.
Love Hate Inu (LHINU) – A Shiba Inu alternative to consider
Near term outlook for Shiba Inu is good.
However, the fact that Shiba Inu is already so famous and famous and already has such a massive market capitalization makes 10xing it from current levels that much more difficult.
Therefore investors may want to consider investing in some of the lesser known coins that potentially have better chances of seeing exponential gains.
There’s a Great New Meme Coin to Consider love hate inuA new dog-meme-inspired social media polling platform that’s been taking the internet by storm for the past few weeks.
To fund the development of its revolutionary vote-to-earn platform, Love Hate Innu is currently conducting a pre-sale of its LHINU tokens.
The presale has been a huge success, Love Hate Inu has already raised a massive $3 million and the presale has already entered Stage 4.
How Cryptonews.com analysts rank Love Hate Inu Earliest Sales of 2023 And many people think that crypto could make big gains when ICOs arrive later this year.