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The price of the Shiba Inu is yet to break out of the bearish grip amid the ongoing FTX drama. Along with the broader crypto markets, the dog-themed Meme Coin remains borderline.
For now, all eyes are on Shiba Inu’s ability to defend support at $0.00000830, a move likely to pave the way for a 50% northward rally.
Binance Announces Industry Recovery Fund
Binance, the largest exchange by daily trading volume, believes that despite recent negative attention to the crypto industry, there is hope for a bright future if stakeholders are committed to building and protecting their reputation.
For this reason, Changpeng Zhao (CZ), Binance’s CEO, renewed hope for the industry by launching a recovery fund that could be tapped by crypto businesses affected by the FTX saga.
According to CZ, the move will help “mitigate further negative effects of FTX”. The fund will focus on “helping projects that are otherwise strong but in liquidity crunch.” Binance opened the fund for other strong companies with sufficient capital to join hands and boost struggling businesses in an already dilapidated market.
After the announcement, the market turned green for a while Bitcoin Jumped to $17,109 on Monday, however it has retraced and is trading at $16,969 on Tuesday. The second largest crypto asset, Ethereum, soared positive to $1,284 in CZ. ETH is now trading at $1,260 at the time of writing.
Shiba Inu Price and Year Rally Could Happen in Offing
Shiba Inu price seems to be nearing the tail end of an FTX-triggered self-off from a high near $0.00001512. Mem coin is consolidating around $0.00000918 after bouncing off the important support at $0.00000830 that was tested for the first time since June 2022.
The Directional Movement Index (DMI) is showing that bearish pressure is still present despite the Shiba Inu price dropping as low as $0.00000918. Indicator -DI (in blue) below +DI (in grey) means that the prices are likely to fall.
Notably, however, the Stochastic Oscillator is oversold at 16.76. Thus, a short-term rally is expected – and this explains the current move from support to the current market price of SHIB at $0.00000918.
Furthermore, with insights from on-chain data showing that the Shiba Inu is in a buy zone, the push for investors to buy the dip is likely to gain traction this week. The market value realized value (MVRV) model profit/loss by Sentiment is at -12.15, well below the median line at 1.
MVRV track Profit or loss ratio of SHIB holders By comparing the price at which those tokens are shifted with their current market value. Typically, investors do not close positions at a loss; They prefer to wait till at least the breakeven point.
If the current momentum sustains, the bulls could eventually propel the Shiba Inu price northwards, with gains expected at $0.00001000 (TP-1), $0.00001400 (TP-2) and $0.00001800 (TP-3) .
The network activity of the Shiba Inu remains on the roof despite the drop in its price. From the chart below, the number of daily active addresses transacting on the protocol increased from 4,056 on November 2 to a monthly high of 14,363 on November 13.
The Shiba Inu has a tendency to increase in price as its network activity increases. Spikes in this on-chain metric mean that speculation of a bullish price move is high among market participants interested in SHIB.
Whales return on Shiba Inu price rally
A report from WhaleStats, a platform that tracks the activity of crypto whales, shows that a large amount of investors are extremely bullish on the Shiba Inu. The top 5,000 whales hold $75 million worth of SHIB tokens. Furthermore, SHIB was one of the most active smart contracts among the top 1,000 ETH holders over the past 24 hours.
This indicates that investor interest is increasing despite the downtrend in the market. Investors are taking advantage of the low-priced SHIB to potentially fill their bags before an imminent move above $0.000001000 and before the end of the year.
Shiba Inu Alternatives Promise Massive Benefits
The collapse of FTX has had far-reaching effects on the crypto industry. Some say it has exposed regulatory gaps that must be addressed for a bright, sustainable future. Recovery is anticipated not only for the Shiba Inu but for the market as a whole. However, as Binance’s CZ said on Monday, it could be a long crypto winter.
Nevertheless, interested investors can diversify their portfolio with upcoming crypto projects with strong fundamentals. Some of the tokens launched in 2022, such as Tamadoge, Increases by over 1,800% after a successful pre-sale and listing on exchanges,
The next projects in line and currently in pre-sale phase are Dash2Trade, RobotEra and Calvaria.
Dash 2 Trade (D2T)
Dash2Trade is a world-class crypto analytics and social trading platform that makes it easy for investors to make informed decisions using actionable market data. At the heart of the Dash 2 trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
think about dash 2 business As an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies, they can take advantage of unique opportunities in the market.
D2T is currently selling for 0.0513 USDT, but this price will move up to 0.0533 USDT in the next pre-sale phase.
Visit the Dash 2 Trade Presale now.
Robot Age (Tarot)
Robotera is a metaverse-focused project that will host a variety of properties that form part of its world. Taro is the ERC-20 powering this massive ecosystem. The project team is focused on selling Tarot to drive the global economy, and users will soon be able to buy land parcels, robot characters, and more as NFTs.
Use cases for tarot range from transactions around the world to other purchases such as event tickets and game entry. The user’s avatar in the world will be a robot NFT, and users will be able to create assets on their assets.
Additionally, there is also a game where players can earn elements of the world; Thus, there will be many opportunities to earn Tarot, such as carrying out various tasks in the Robotera metaverse.
Visit the Robotera presale now
IMPT, built on the Ethereum POS blockchain, is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be earned by making purchases with a wide range of eco-friendly retailers. Since carbon credits are now tokenized as NFTs, it is possible to track them more transparently, which helps address many of the issues that have plagued carbon markets in the past.
IMPT pre-sale raises nearly $13 million A few weeks after its launch, it became one of the most popular crypto sales.
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