The crypto market, an arena famous for its volatility, has recently witnessed the promising rise of Shiba Inu (SHIB). Cena Despite the broader market dip of 0.2%, SHIB displayed its resilience with a 3.5% gain, settling at $0.00000827, with a bullish outlook of crossing the $0.0000090 mark over one or two weeks. Similarly, investors might brace for it to scale up to $0.0000150 within a few months.
Presently, SHIB registers a 16% plunge in a week. Adversity clouding the landscape seems rooted in the Shivarium’s first botched attempt of implementation, which unfortunately incurred a loss of over $1 million on cross-chain bridges and outages. However, these hurdles have not deterred the SHIB’s momentum from picking up; today’s rally serves as an antidote to the preceding negativity and overselling. As a silver lining, the coin shows a 4% surge in the last 30 days.
The forthcoming golden cross suggested by the upward movement of SHIB’s 30-day average towards its 200-day average paints a rosy outlook for sustained breakouts. Additionally, SHIB’s relative strength index is experiencing a turnaround. After taking a tumble to 40 over the weekend, it shows promise of a rebound without running into the ‘overbought’ domain.
Further bolstering investor sentiments, the support level for SHIB seems firm, indicating it has likely bottomed out after recent falls. Also worth noting is the initiation of a more secure, updated version of Shibarium. If this relaunch proves successful, it could inflate SHIB’s trajectory and potentially lead to a significant reduction in its decimal places in the near future.
Conversely, the launch of newer altcoins could somewhat eclipse the limelight SHIB aims to capture. Noteworthy among them is Wall Street Memes (WSM), an ERC-20 meme token, which has succeeded in amassing over $26 million in a couple of months out of the presale phase. Given that WSM is poised to go public soon, it’s plausible that early investors could reap substantial profits.
The coin owes its popularity to its inherent decentralized design, with 50% of its supply earmarked for presale and another 30% allocated for community rewards. Moreover, the coin enjoys an envious following of a whopping 260,000 followers on Twitter.
While the reputed volatility of the crypto market understandably engenders confusion, the WL and SHIB narratives offer potential high-reward opportunities. However, they ought to be tread with caution, given the elevated risk involved. Worth mentioning, though, that the promising future of crypto ecosystem slightly outweighs these inherent risks.
Source: Cryptonews
