As much as a 3% decrease in the price of Shiba Inu (SHIB) was noted in the past 24-hour trading period, despite a rather stagnant cryptocurrency market, registering a significant 22% drop within the last week. It remains relatively stable over the last 30 days at 4% growth. Recent market dynamics seem to have increased the token’s attractiveness for several prominent investors initiating accumulation, expecting a rebound.
Nevertheless, SHIB’s trade volume heeft dwindled to $100 million, creating conditions for a possible significant leap, assuming a substantial order placement from a large investor or whale. Considering the token’s relative strength index dipped close to 40, it might shrink down to 30, which often indicates a recovery phase.
Simultaneously, SHIB’s 30-day moving average made a halt to its recent growth, which potentially forecasts its further drop below the 200-day average before reshuffling into a positive move. On the bright side, SHIB’s support level mostly withstood high-pressure selling, remaining steadier than $0.00000810, in principle, the start mark for the year.
However, a shadow was cast upon the overall performance due to the recent rollout of Shibarium. Despite its ambitious launch just a week ago, serious technical issues caused a stir and raised questions about the feasibility of both it and wider Shiba Inu project. To cure the situation, the developers put Shibarium on hold while boosting core updates, aiming at the relaunch, expected sometime this week.
Given the successful reboot, it might give a needed boost to the fairly undervalued SHIB, allowing it to inch toward $0.0000090 soon and hopefully hitting around $0.0000150 by the end of the calendar year. Still, it’s not a slam dunk that the reboot will fix the recent image tarnish, urging traders to glimpse at other alternatives.
The fresh-off-the-press coin like Launchpad.xyz (LPX), an all-inclusive Web3 platform, seems to be a potential unicorn. Accommodating various features specifically for general traders, it also tendering several Web3 wallet addresses, play-to-earn game platform, a launchpad for presales and more. The LPX token, an inherent part of the ecosystem, is expected to gain value on par with the ecosystem growth in general, hinting at a solid profit potential for its early adopters.
Hence, it’s a high-risk, high-reward space as always with crypto. Given such a volatile environment, any signs to regain lost confidence and ground are crucial. But with potential curveballs like the revamped Shibarium or new contenders like LPX, the path forward may be anything but dull.
Source: Cryptonews
