Join Our Telegram channel to stay up to date on breaking news coverage
Shiba Inu has dropped 0.75% over the last 24 hours to $2.63, as crypto market participants scramble to salvage their investments as crypto prices continue their downward trend. The Shiba Inu price may sustain the uptrend if it clears the supply zone sealed by the 50-day and 100-day Simple Moving Averages (SMAs).
Shiba Inu has been coiling above a descending parallel channel, implying that the upside is not over. However, because the technical setup for the upside had not yet been confirmed, there was still hope of a rebound for the notorious meme coin.
Let’s analyze the technical outlook after the recent downturn and see what factors could lead to a recovery soon.
Reasons Why Shiba Inu Price Will Remain Bullish
Shiba Swap’s BONE Listing On a Dubai Crypto Exchange
Although SHIB has dark clouds hanging over its price action, positive news about listing a related cryptocurrency on a Dubai crypto exchange is expected to bring about the tailwinds the SHIB Army requires to initiate a recovery. CetoEX, the fastest-growing cryptocurrency exchange in Dubai, is set to list BONE, the native cryptocurrency of the ShibaSwap decentralized exchange (DEX), which might conjure additional interest for Shina Inu’s price action.
Which #project to list next on cetoEX
Vote your favorite project ???#FlokiCeo #vitainu #BONK #BONE @FlokiCeoo @VitaInuCoin @bonk_inu @BoneShiba— CetoEX (@Cetoex) April 13, 2023
In addition to CetoEX, an official statement from Hong Kong could bring additional buying power for SHIB to lift price action back up. Huobi, a Hong Kong-based crypto trading platform, announced earlier on Tuesday that it would list BONE saying trading was to follow “soon.”
New Listing on #Huobi$BONE @ShibaSwapDEX
Deposits open
Trading goes live soon
https://t.co/MBo5EnodV4#newlistings pic.twitter.com/2KgVoZe5E7— Huobi (@HuobiGlobal) April 25, 2023
A Positive Divergence From The RSI
After escaping from the bearish channel over a month ago, SHIB’s recovery was turned away by selling pressure from the $0.0000120 psychological level. The meme coin then embarked on a downtrend that saw it drop below all the major SMAs before being halted around the $0.000010 support zone.
Shiba Inu price action has been defined by a range-bound movement producing a series of lower highs and lower lows. In comparison, the Relative Strength Index (RSI) produced lower highs. This resulted in a converse scenario referred to as a “bullish divergence”.
This technical setup is usually produced by the trend-following oscillating indicator suggesting that the bulls have not given up on increasing prices. This formation from the RSI points to an upward recovery in the SHIB price.
The levels to watch out for on the upside are $0.00001058, embraced by the 200-day SMA and the 50-day SMA at $0.00001083.
Shattering this resistance will increase Shiba Inu’s price, reaching the $0.00001160 hurdle, where the 100-day SMA sat, and later the $0.0000120 psychological level.
In highly ambitious situations, the DOGE Killer may rise higher to tag the descending channel’s upside at $0.00001530. Such a move would bring the total gains to 51% for the SHIB “HODLers”.
SHIB/USD Daily Chart
Source: TradingView.com
Apart from the bullish divergence from the RSI, the price traded above a major daily support level, as shown in the chart above. This was the $0.00000980 that could provide the oomph required by the buyers to push Shiba Inu higher.
Note that the price has lifted off this demand zone greatly in the past. The first was in August, when it went on to rally an impressive 63% to set a swing high at $0.00001796. The second time was in October when Shin Inu soared 54% to $0.00001514, and the third time was early this year when altcoin staged a 62% rally to areas above $0.00001591.
Therefore, even if SHIB drops back to this level, demand pressure from this zone could lift the price back up, preventing the price from tanking below the said level.
On-Chain Metrics Reveals SHIB Sits On Strong Support
On-chain metrics from IntoTheBlocks reinforce the significance of the above support zone. It’s In/Out of the Money Around Price (IOMAP) model reveals that the area above which the demand zone sits at $0.0000090 provides relatively strong support for the price on the downside.
This is where approximately 7.8 trillion HSIB were previously bought by roughly 47,830 addresses. Any selling pressure threatening to push the Ethereum price below this level would be met by aggressive buying from this cohort of investors who may want to maximize their profits.
Shiba Inu IOMAP Chart
The same IOMAP showed that more than half of SHIB holders were underwater at the current price. These investors could buy more to push the price higher to at least break even on their investments.
On the flip side, bulls could fail to lift Shiba Inu, and sellers tighten their grip instead, it could spell doom for the dog-themed crypto’s price. If this happens, SHIB could slide below the $0.00000980 major defence level, the bullish breaker described above.
In highly bearish cases, a daily candlestick close below $0.0000090 would invalidate the bullish thesis for SHIB price and potentially trigger a decline to $0.0000080 and $0.0000080 defence levels.
Love Hate Inu (LHINU)
Notably, the crypto ecosystem is seeing an increase in the number of new tokens to invest in this year. While the Shiba Inu has provided huge returns, here are some reasons to join the bandwagon and go bullish on Love Hate Inu(LHINU).
The Survey Industry with LHINU
The newly introduced vote-to-earn (V2E) platform integrates blockchain and Web3 to disrupt and revolutionize the survey industry. With the Love Hate Inu, the users or participants participate in polls and gain rewards through the project’s native token, LHINU.
Notably, the project has developed a distinctive way of gathering opinions and conducting surveys. Notably, analysts expect the project’s unique V2E model to reach new heights of adoption and popularity in the coming future. However, the global survey market valued at $3 million represents a great opportunity for Love Hate Inu to capture a significant part of the market.
Lined up Partnerships
Love Hate Inu has several partnerships lined up. The participants will b able to participate in polls about top brands and their new products in the future. Notably, users will be able to earn unique NFTs as rewards, as the project provides them with valuable feedback.
Love Hate Inu is in talks to collaborate with some of the best upcoming metaverse projects. This will enable the participants to vote within digital worlds and earn valuable assets, including NFTs or tokens.
Love Hate Inu’s transparency
Love Hate Inu comprises the vote submission platform, the user interface, and the management dashboard. The vote submission platform enables interested users to submit new poll opinions for others in the community to consider, review, and accept. Notably, the user interface allows users to connect their wallets in order to resume engaging in real-time votes and earn rewards in LHINU tokens.
Further, the management dashboard ensures that all the active votes are recorded to maintain the project’s integrity. This makes Love Hate Inu the most accessible platform and allows participants to express their views.
All the above are enough reasons to invest in Love Hate Inu, as the project is amid the bullish market.
Love Hate Inu taking advantage of the Bullish market
Most popular cryptocurrencies always tarmac to even generate $2 million in various circumstances. However, with the Love Hate Inu’s presale is seeing incredible, as it has turned a lot of heads. Love Hate Inu has raised over $6.7 million and has no signs of stopping. The current price of LHINU is $0.000125 per token, and stage one early investors will see at least a 70% return on investment before market listing. There is still a lot of time until the next price increase.
?Good morning #LoveHateInu Gang! We are thrilled to announce that we have raised over $6.7M!??
A huge thank you to the best community in the #MemeCoin space!??
Keep up the fantastic work, as you guys are absolutely crushing it!??
Join the #Presale today and don’t forget… pic.twitter.com/Dz4xaa8J1K
— Love Hate Inu (@LoveHateInu) April 25, 2023
Apart from offering its high-end native cryptocurrency in presale, Love Hate Inu has also launched a voting competition to demo the Love Hate Inu platform. It’s a free-to-enter voting competition where one lucky voter will win $10,000 by simply voting whether they love or hate Andrew Tate. The winner will be chosen randomly.
With the platform launch right around the corner, this is the right time to secure LHINU tokens at a discounted price. Don’t miss out on this opportunity to participate in the project. You can visit our guide on buying the best meme coins here.
More News:
- Bitcoin Price Drops To $27,400 – Where Is The Bottom Of This Dip?
- Top Selling NFTs This Week – Mad Lads NFTs Pump 35% In Daily Trading Sales Volume
- Binance Liquid Swap Now Supports Shib/Doge Market Liquidity and Six More Assets
Smog (SMOG) - Meme Coin With Rewards
- Airdrop Season One Live Now
- Earn XP To Qualify For A Share Of $1 Million
- Featured On Cointelegraph
- Staking Rewards - 42% APY
- 10% OTC Discount - smogtoken.com
Join Our Telegram channel to stay up to date on breaking news coverage
Staking
Bitcoin
Gaming
Best Coins
Buy NFTs