By market capitalization, Shiba Inu (SHIB), the second-largest meme currency in the world, is moving sideways in the $0.0000087 region. The 21-Day Moving Average (DMA) has drawn attention to the price action for the past three days.
To set up a potential retest of recent highs in the $0.0000092 level or perhaps a move back towards resistance in the $0.0000097 area in the form of March/late-April lows, Shiba Inu bulls are expecting that the cryptocurrency can close above the 21DMA and a recent decline.
However, price forecasts are likely to continue to be pessimistic if SHIB cannot firmly move back above its 21DMA.
The SHIB price’s longer-term technical picture continues to appear unsettling.
Early May’s break below the March to April uptrend and, more recently, the “death cross” where the 50DMA crossed back under the 200DMA continue to put sell pressure on the market.
Technical analysts predict that SHIB will retest its 2023 lows under $0.000008 in late 2023.
If SHIB can overcome short-term resistance levels and rally back around $0.000010, it would be a good time to buy.
However, since many anticipate that SHIB’s downturn will continue, it’s a dangerous wager.
Alternative to Shiba Inu (SHIB) to Consider: yPredict (YPRED)
Investors should think about diversifying their crypto holdings to an area that is very much in fashion and has been doing exceptionally well recently, as utility-lacking dog meme coins like Shiba Inu seem to be out of style (hence SHIB’s failure to keep up with the broader crypto market rise this year).
That falls into the specialized category of cryptocurrencies having an AI-related application case.
Since ChatGPT’s debut in November of last year, which may be remembered as a turning point in humankind’s technological development, AI has gained enormous popularity.
Cryptocurrencies like the RNDR token from Render Network and the AGIX token from SingularityNET have been soaring this year, up 560% and 610%, respectively, year to date.
Although there is still a bright future for those tokens, this year’s surge has made them somewhat more pricey.
The YPRED token from yPredict is one cryptocurrency with a special AI use case still available for a low price.
The company yPredict has been creating a ton of buzz in the cryptocurrency industry as it develops a ground-breaking new AI-powered trading signals platform. The in-development platform from yPredict aims to give market participants a “unbeatable edge” by utilizing cutting-edge predictive models and data insights created by the top 1% of AI engineers and quants.
Users will get access to AI trading signals, real-time sentiment analysis of social media and news, AI technical analysis, and AI-powered chart pattern detection on the site.
Even with years of experience understanding macro, crypto fundamentals, and technical analysis, forecasting price moves in the cryptocurrency market can be challenging. Technology utilizing artificial intelligence (AI), which has advanced significantly in recent months, can assist.
AI models can analyze huge volumes of price data to spot trends a human eye might have missed. Good models can provide traders with a crucial competitive edge.
Therefore, it should come as no surprise that the presale for the new AI-powered cryptocurrency price prediction platform yPredict has been attracting attention.
Given that the presale just started a few weeks ago, the recent success of crossing the $1.9 million milestone in stage six is astounding.
Interested investors should act immediately to secure tokens while they are still affordable at just $0.09 each.
The price will increase by 11% to $0.1 when the presale reaches $2.982 million and moves on to the following phase.
Later this year, the $0.12 YPRED token is scheduled to list on all major cryptocurrency platforms.
This means that when the YPRED ICOs, investors who invest now will sit on paper gains of almost 33.3%.
