Shiba Inu price broke out of a short term bullish phase and mounted a tag at $0.00000935. The second largest meme coin again hit the ground after revisiting the established support at $0.00000840.
Bullish trend in SHIB This was reflected throughout the crypto market this week as investors await the US Federal Reserve’s decision on interest rates. Earlier in the week, the Consumer Price Index (CPI) returned to below expected figures, suggesting that inflation is starting to ease.
The Fed accepted the expectation of the general public by increasing the interest rate by half a point. Fed Chair Jerome Powell said during Wednesday’s announcement that the focus was still on inflation.
major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) seem directionless While writing BTC has decreased its value by 0.9% in the last 24-hours, trading at $17,654. The analyst says that bitcoin must break and sustain above $20,000 to confirm the return of the bulls.
Shiba Inu Price Prepares To Rally As Exchange Outflows
Shiba Inu price has retraced from its weekly high of $0.00000935 and is trading at $0.00000889. Although SHIB had already taken off the selling pressure on a declining trend line, as shown on the eight-hour time frame chart below, on Wednesday the Fed-triggered bullish stun 50-day exponential moving average (EMA) Weakened while crossing above. in red) and currently stands at $0.00000917.
A definitive break above that level was necessary to sustain the newly launched uptrend on its higher path above $0.00001. A further move above $0.00000941, the hurdle highlighted by the 100-days EMA (in blue), could go a long way to clear the path above the upper declining trend line.
For now, traders are watching to see if Shiba Inu price can sustain above the lower trend line (broken line shown on the chart). a green candle above this support line Can be used as a signal to enter a long position With potential exit targets at the 50-day EMA, 100-day EMA and 200-day EMA (in purple at $0.00001012).
Shiba Inu Price Fundamentals Flip Positive
Investors have recently been inclined to withdraw their assets from the exchanges. According to on-chain data from Sentiment, the SHIB token was moved off exchanges in large numbers this week – possibly due to positive sentiment regarding the US CPI and a 0.5% interest rate hike.
From the chart below, exchange outflows were recorded at 372 billion SHIB on Tuesday. Although the number of tokens withdrawn from exchanges to other custodial platforms dropped to 7.2 billion on Thursday, the figure is still relatively high.
Spikes in this metric mean that investor sentiment is flipping positively towards the Shiba Inu. Holders often pull their assets from exchanges when they intend to hold them for the long term. The exodus of the coin also eased the upside pressure, making it easier for the Shiba Inu price to rally.
Shiba Inu whales have resumed another selling spree based on data presented by the supply distribution chart below. Addresses with 1 million to 10 million tokens now account for 0.204% of the entire network’s supply, up from the monthly high of 0.20%.
With the buying pressure stabilizing behind Shiba Inu, the price is likely to move higher. Furthermore, the market price to realizable value (MVRV) ratio shows that SHIB is still in an appropriate buy zone.
If the MVRV remains at 1 below the moving average, investors are short SHIB. With a ratio of -2.53%, buying Meme Coin now could result in significant profits. When MVRV flips above the common mean line at 1, market participants have a tendency to sell SHIB.
Shiba Inu Alternatives to Consider to Diversify an Investment Portfolio
The Shiba Inu has the potential to rally up to one cent of a dollar in price; However, this may take time, especially with the uncertainty still evident in the market. However, investors can take advantage of early opportunities for major tokens with solid fundamentals to rally. All the tokens listed here are performing exceptionally well in their pre-sale phases.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based cryptocurrency project (ERC-20), which aims to be the front-runner in providing crypto analytics. The team at Dash 2 Trade understands that socio-cultural movements dictate major market movements in the crypto space. Therefore, investors need access to accurate on-chain analytical insights.
Although Dash 2Trade is a free tier platformIt offers paid subscription to investors who want to access premium services.
The presale has raised $9.82 million since launch. D2T is selling at $0.0533 in the final pre-sale phase with only 67 million tokens left.
Robotera (Tarot)
Another project with the potential to transform the gaming community and the virtual world is RobotEra (Tarot). Users can create a personalized world in Metaverse and even design their own NFTs.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale, which will start soon.
Calvaria (RIA)
RIA is one of the best play-to-earn (P2E) cryptocurrencies for blockchain gaming enthusiasts. The native token for Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to aid traders in purchasing non-fungible token (NFT) trading cards.
Players can create strategies to help them win battles directly. The platform’s native token, RIA, enables NFT purchases and other in-house transactions.
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