Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization, has been moving sideways in the $0.0000087 area. Its 21-Day Moving Average (DMA) has acted as a magnet to the price action for the last three days. Bulls are hoping for the cryptocurrency to close above the 21DMA and a recent downtrend. If successful, this could set up a potential retest of recent highs in the $0.0000092 area or even a move back towards resistance in the $0.0000097 area.
However, if SHIB fails to get convincingly back above its 21DMA, price predictions are likely to remain bearish. The longer-term technical outlook continues to look concerning for the SHIB price. The breakout below the March to April uptrend in early May has created sell pressure, as has the recent “death cross,” where the 50DMA crossed back under the 200DMA. As a result, technicians predict that SHIB will retest its late 2023 lows under the $0.000008 level.
Now might be a good entry point if SHIB can break above near-term resistance levels and rally back towards $0.000010. However, it remains a risky bet, with many expecting SHIB’s decline to continue for the foreseeable future.
With utility-lacking dog meme coins like Shiba Inu seemingly going out of fashion, investors should consider diversifying their crypto holdings to areas that very much are in fashion and have been doing exceedingly well in recent months, such as cryptocurrencies with an AI-linked use case.
Since the launch of ChatGPT last November, AI has been all the rage. Cryptocurrencies like Render Network’s RNDR token and SingularityNET’s AGIX token have soared this year, with both up 560% and 610% respectively year-to-date. However, their rally makes them relatively more expensive.
One cryptocurrency with an AI-use case that remains affordable is yPredict’s YPRED token. yPredict is building a revolutionary new AI-powered trading signals platform that has generated massive hype in the crypto space. Using state-of-the-art predictive models and data insights built by top AI developers and quants, yPredict’s in-development platform aims to give market participants an “unbeatable edge.” The platform will offer AI trading signals, real-time social and news sentiment analysis, AI technical analysis, and AI-powered chart pattern recognition.
Predicting price movements in the cryptocurrency market is difficult, even with years of experience in understanding macro, crypto fundamentals, and technical analysis. Artificial Intelligence (AI) technology, which has made significant strides recently, can offer a helping hand. AI models can analyze vast amounts of price data to identify trends that might have gone unnoticed by the human eye, potentially offering traders a valuable market edge.
It is therefore not surprising that yPredict’s presale has generated massive buzz. The presale, already in stage six, has just surpassed the $1.9 million mark. Interested investors should move quickly to secure tokens while they are still cheap at just $0.09 each. When the presale hits $2.982 million and enters its next stage, that price will go up 11% to $0.1. The YPRED token is set to list across major crypto exchanges later this year at $0.12, which would deliver paper gains of around 33.3% to investors who buy in now.
Source: Cryptonews
