A leading analyst has forecasted that Shiba Inu may surge by 400%, elevating its price to $0.000074. This prospective increase is supported by recent price movements and significant technical indicators. Related Reading: Neiro Coin Blows Up 4,608%—Can It Sustain The Momentum? Shiba Inu has experienced a consistent increase, presently trading at $0.00001805 following a brief decline to the $0.000016 area last week. Although its gains have been less substantial than those of other meme tokens, observers believe SHIB is poised for a significant rebound imminently. TradingView expert Without Worries has recommended that this is an opportune moment to initiate a long position in Shiba Inu. Despite a 70% decline in the token since March, numerous positive indicators have surfaced, such as RSI breakouts and trend reversals. Shiba Inu Price: How Big Is The Projected Increase? Shiba Inu might rise 400% to $0.000074, according to the researcher. SHIB made a fourfold increase to $0.000045 early this year, which matches this estimate. Notwithstanding the optimism, the analyst saw the potential for additional corrections regarding Shiba Inu. Investors must remain cognizant of possible obstacles ahead. Resistance Levels Shiba Inu is currently facing resistance at $0.00001865. It has already broken through this level to reach an intraday high of $0.00001893. The next levels of resistance are $0.00001969 and $0.00002094. The present technical analysis for SHIB forecasts a price escalation of 0.74%, aiming for $0.00001802 by November 14, 2024. Strong market mood supports this forecast, as shown by the Fear & Greed Index, which sits at 65 and denotes investor greed. Related Reading: Dogecoin Revival: Active Addresses Skyrocket To Highest Level In 8 Months Time To Buy The Meme Coin? In the preceding month, Shiba Inu experienced 15 green days out of 30, resulting in a 50% positive performance rate, and shown a price volatility of 12.02%. These facts indicate that the present may be a favorable opportunity for investors to contemplate acquiring SHIB. The optimistic sentiment and substantial anticipated expansion underscore robust market interest in the meme coin from a technical standpoint. The Fear & Greed Index residing in the greed zone may suggest possibilities for price appreciation, although it also warrants caution for probable corrections. It is crucial for traders to monitor important support levels at $0.000018 and resistance levels at $0.000019 while navigating this volatile market environment. Shiba Inu is a promising investment due to its performance and expectations. Featured image from Getty Images, chart from TradingView
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Dogecoin Is The Top ‘Trump Victory’ Trade, Says Investment Firm CEO
Leading figures in the crypto sector have highlighted Dogecoin as the potential top beneficiary of a victory by Donald Trump in upcoming US elections. Andrew Kang, founder and CEO of Mechanism Capital, took to X to express his insights on the matter. “One of the most interesting ways to express a ‘Trump Victory’ trade would probably be owning DOGE (and other memes),” Kang wrote. “Not only do you have high odds of a Doge ETF but the Department of Government Efficiency (DOGE) would be making headlines every week and be pushed forward by Trump,” he added. Well-known Dogecoin advocate Elon Musk has been proposed by US presidential nominee Donald Trump to lead a Department of Government Efficiency if Trump wins a second term. This commission aims to conduct a comprehensive audit of federal finances and performance, and could be in the spotlight for many months in case of a Trump victory. Related Reading: Dogecoin Buy Signal Hints At Upside As Funding Rate Keeps Rising Imran Lakha, a seasoned professional options trader with two decades of experience, echoed Kang’s sentiments. “We mentioned this in last week’s podcast with Raoul Pal,” he commented, pointing to a deeper discussion on the topic. Why Dogecoin Could Be The Top ‘Trump Victory’ Trade Raoul Pal, co-founder of Real Vision Group and Global Macro Investor (GMI), and former head of hedge fund sales in equities and equity derivatives at Goldman Sachs, elaborated on the dynamics of memecoins and specifically Dogecoin during the podcast. “The other thing about memecoins that is really interesting is Bitcoin now there’s such a heavy narrative you go around it. You need to understand the history of money and you know blah blah blah,” Pal remarked. “And memecoins are like the meme number that goes up. Right, that’s so much easier and much less inhibiting to a 25-year-old.” Pal emphasized the appeal of memecoins to younger investors, attributing it to the straightforward allure of potential gains. “There’s a trend, so now you’re just capturing an attention trend,” he explained. “Look, don’t judge them with your kind of financial market wealth. They’re all going to get blown up; they know what they’re doing—which is attention is fleeting gambling—and I’m going to gamble how long that attention goes on for and how valuable it becomes, knowing that it’s not going to be persistent.” Related Reading: Active Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally? He also highlighted Dogecoin’s historical performance and chart patterns. “In the previous cycle, Dogecoin went to $100 billion. So there’s a lot of upside on most of them. People don’t understand that the DOGE chart is a killer weekly chart,” Pal noted. “If I just look at the weekly chart of [DOGE], there’s been a massive wedge for a few years, spike, massive wedge, spike, and it’s like this perfect thing. It’s like it’s a thing of beauty, that chart. So I’m long DOGE.” Regarding Elon Musk’s involvement, Pal suggested that the Tesla and SpaceX CEO has intentionally went silent about Dogecoin recently. He speculated that Musk, who has aligned himself with Trump, may be strategically avoiding conflicts with the Biden-Harris administration because “there’s only a certain number of battles Elon can take at once,” while planning to integrate Dogecoin into X after Trump is elected. He speculated on Musk’s strategic positioning: “I just think he doesn’t want to have that fight, but I still think it’s gonna happen. That’s why he’s chummy with Trump, right? Because if he’s chummy enough with Trump and Trump gets in, then that’ll be an easier fight for him.” Pal suggested that integrating Dogecoin into platforms like X could revolutionize global transactions. “If you were to use DOGE as the currency—because unlike Facebook Libra, he’s not launching a currency; it exists—and then we could all use DOGE payments on Twitter,” he said. “The issue is that it’s a big fight with the government when you’ve got a platform of 500 million people and you’re going to introduce a currency onto it.” At press time, DOGE traded at $0.12512. Featured image from X, chart from TradingView.com NewsBTC
New Bitcoin Whale Wallets Explode to 9.3% of Supply As BTC Bounces to $68,0000: CryptoQuant CEO
New data from market intelligence firm CryptoQuant reveals that new Bitcoin (BTC) wallets are now holding a staggering 9.3% of the crypto king’s total supply. In a thread on the social media platform X, CryptoQuant chief executive Ki Young Ju says that new Bitcoin whale wallets have seen their balances increase by a massive 813% The post New Bitcoin Whale Wallets Explode to 9.3% of Supply As BTC Bounces to $68,0000: CryptoQuant CEO appeared first on The Daily Hodl . NewsBTC