The price of Shiba Inu (SHIB) has dipped to $0.00000727 today, dropping by 0.5% as the wider cryptocurrency market falls by 1.2% in the past 24 hours.
SHIB is now flat in the last seven days but down by 9% in the past month, with the famous meme token also down by 10% since the beginning of the year (whereas many major tokens are up since January).
The coin’s movements today comes as its 24-hour trading volume rises beyond $100 million, indicating an increase in market activity that may help it rebound soon enough.
Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying or Selling?
SHIB’s indicators remain in a subdued state, with the general message being that the coin remains oversold and should, in theory, rebound in the not-too distant future.
This is the impression created by the coin’s relative strength index (purple) which continues to struggle to rise beyond 40, yet which also creates the signals that a rally is overdue.
Similarly, SHIB’s 30-day moving average (yellow) has been below – well below – its 200-day average for several months now, meaning that the meme token really should rebound upwards in the coming weeks.
It’s also encouraging to note that SHIB’s medium-term support level (green) has risen steadily upwards in recent days, implying that it has hit a bottom and should be able to bounce back soon.
This could be taken to mean that whales are currently stocking up on SHIB, perhaps in the expectation that it will rally from its very undervalued position.
It’s also worth pointing out that, unlike many other meme tokens, SHIB has been able to point to the strengthening of its fundamentals in recent weeks, given the launch of the Shibarium layer-two network.
This launch has resulted in an accelerated burn rate for the meme token, with data today suggesting that more than 100 million SHIB is being burned per day, marking an increase of over 300% in the past 24 hours.
Combined with the fact that Shibarium makes the Shiba Inu ecosystem more attractive to developers and users, such developments would indicate that SHIB’s price should rebound soon.
It may possibly return to $0.0000080 in the next few weeks, before reaching $0.000010 by the final month of the year.
Other High-Return Altcoins
Despite its past history, SHIB may not rally by massive percentages this year though, meaning that short-term traders could be better off looking to newer altcoins.
They may also be advised to consider presale tokens, which can often beat the market comfortably when they list on exchanges for the first time.
One token likely to do this is Launchpad.xyz (LPX), an all-in-one Web3 trading platform that has already raised more than $1.7 million since beginning its presale.
Launchpad.xyz is aiming to provide an entire spectrum of tools and resources to traders, with investors of all experience levels being targeted.
Its platform is due to launch in the coming months, and will include such features as a play-to-earn gaming hub, AI-based analytics, trading signals, collaborative trading rooms, automated trading bots, fractionalized assets and highlighted presale listings.
Looking further into the future, Launchpad will also expand to include its own decentralized exchange and an NFT marketplace, making it possibly one of the most comprehensive platforms in the cryptocurrency ecosystem.
As for LPX itself, it will be used to pay Launchpad’s fees and subscriptions, meaning that it will see rising demand in tandem with Launchpad’s growth.
The coin will also be open to staking, making it doubly attractive to investors and holders.
New investors can participate in LPX’s sale by going to the official Launchpad.xyz website and connecting their usual software wallets.
1 LPX is available at the price of $0.0445, yet this could easily rocket once the token is listed on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This article first appeared at Cryptonews