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Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is currently trading sideways around $0.0000087. The 21-Day Moving Average (DMA) has been influencing the price action in recent days. Bulls are optimistic about a potential breakout above the 21DMA and a downtrend, which could lead to a retest of recent highs around $0.0000092 or even a move towards resistance at $0.0000097. However, if SHIB fails to convincingly surpass the 21DMA, bearish price predictions are likely to persist.
The longer-term technical outlook for SHIB remains concerning. The breakout below the uptrend from March to April, as well as the recent "death cross" where the 50DMA crossed below the 200DMA, continue to exert selling pressure. Technicians predict that SHIB may retest its late 2023 lows below the $0.000008 level.
Entering SHIB at the current point may be seen as a good opportunity if the cryptocurrency can overcome near-term resistance levels and rally towards $0.000010. However, this is considered a risky bet, as many expect SHIB's decline to continue in the foreseeable future.
As an alternative to Shiba Inu, investors should consider diversifying their crypto holdings to cryptocurrencies with AI-linked use cases. Tokens like Render Network's RNDR and SingularityNET's AGIX have shown significant growth this year. Another promising option is yPredict's YPRED token, which is building an AI-powered trading signals platform. With state-of-the-art predictive models and data insights, yPredict aims to provide users with an "unbeatable edge" through AI trading signals, real-time sentiment analysis, technical analysis, and chart pattern recognition.
Investors can participate in yPredict's viral presale, which has already surpassed $1.9 million. Tokens are currently available at $0.09 each, and when the presale reaches $2.982 million, the price will increase to $0.1. The YPRED token is set to be listed on major crypto exchanges later this year at $0.12, offering potential gains for early investors.
The longer-term technical outlook for SHIB remains concerning. The breakout below the uptrend from March to April, as well as the recent "death cross" where the 50DMA crossed below the 200DMA, continue to exert selling pressure. Technicians predict that SHIB may retest its late 2023 lows below the $0.000008 level.
Entering SHIB at the current point may be seen as a good opportunity if the cryptocurrency can overcome near-term resistance levels and rally towards $0.000010. However, this is considered a risky bet, as many expect SHIB's decline to continue in the foreseeable future.
As an alternative to Shiba Inu, investors should consider diversifying their crypto holdings to cryptocurrencies with AI-linked use cases. Tokens like Render Network's RNDR and SingularityNET's AGIX have shown significant growth this year. Another promising option is yPredict's YPRED token, which is building an AI-powered trading signals platform. With state-of-the-art predictive models and data insights, yPredict aims to provide users with an "unbeatable edge" through AI trading signals, real-time sentiment analysis, technical analysis, and chart pattern recognition.
Investors can participate in yPredict's viral presale, which has already surpassed $1.9 million. Tokens are currently available at $0.09 each, and when the presale reaches $2.982 million, the price will increase to $0.1. The YPRED token is set to be listed on major crypto exchanges later this year at $0.12, offering potential gains for early investors.
