The Shiba Inu (SHIB) market seems to be in a phase of uncertainty as the cryptocurrency hovers around the $0.0000087 area. Traders are closely watching the 21-Day Moving Average (DMA) for possible price breakouts in either direction. If the SHIB price manages to close above the 21DMA and a recent downtrend, it could potentially retest recent highs in the $0.0000092 area or even head back towards resistance at the $0.0000097 level. However, failing to convincingly break above the 21DMA may signal a bearish outlook for the cryptocurrency.
The longer-term technical picture for SHIB is also worrisome, as the breakout below the March to April uptrend in early May continues to exert sell pressure. The recent “death cross,” wherein the 50DMA crossed back under the 200DMA, adds to the bearish sentiment. Analysts predict that SHIB could retest its late 2023 lows under the $0.000008 level. Despite the risks involved, this might be a worthwhile entry point if the cryptocurrency can break above near-term resistance levels and rally back towards $0.000010.
Investors looking for alternatives to meme coins like SHIB should consider diversifying their portfolios with cryptocurrencies linked to Artificial Intelligence (AI) use cases. Since the launch of ChatGPT last November, AI-related crypto tokens like Render Network’s RNDR and SingularityNET’s AGIX have been enjoying considerable gains, up 560% and 610% year-to-date, respectively.
Yet another AI-linked cryptocurrency worth considering is yPredict’s YPRED token, which is developing an AI-powered trading signals platform. Drawing on predictive models and data insights from top AI developers and quants, yPredict aims to offer users an unbeatable edge with AI trading signals, real-time social and news sentiment analysis, AI technical analysis, and AI-powered chart pattern recognition.
The buzz around yPredict’s presale is gaining momentum, with over $1.9 million raised to date. As the presale nears its $2.982 million target, investors have the opportunity to secure YPRED tokens at just $0.09 each. Once the presale reaches its next stage, the token price will rise 11% to $0.1. With the YPRED token set to list across major crypto exchanges later this year at $0.12, early investors can potentially achieve paper gains of approximately 33.3%.
In conclusion, the uncertain outlook for Shiba Inu (SHIB) underlines the importance of diversifying one’s crypto holdings. AI-related cryptocurrencies like yPredict’s YPRED token offer promising potential for growth, attracting attention from investors seeking alternatives to conventional meme coins.
Source: Cryptonews
