Shiba Inu has fallen by 4% in the past 24 hours, with the SHIB price dropping to $0.00002358 on a day when the wider crypto market suffers a 2% dip.
This caps a bad period for SHIB, which is now down by 12% in a week and by 21% in a month, although the popular meme coin holds onto a 128% gain in the past year.
Yet given that SHIB is on a long-term upwards trajectory, today’s selloff may provide a good opportunity to stock up on the coin at a discounted price.
Such an opportunity isn’t likely to last for long, with the market looking ready to stage a comeback soon.
Shiba Inu Prediction as SHIB Retraces With Market Volatility — Is It Time to Load Up?
SHIB’s chart reflects the coin’s performance over the past week, yet its indicators are all nearing positions where, normally, history dictates that they should bounce back.
Probably the most significant feature of the chart below is that the coin’s resistance (red) and support (green) levels are converging on each other, nearing a pinch point where a big move usually follows.
Source: TradingView
SHIB’s relative strength index (purple) supports the notion that such a move should be positive, given that the RSI has dropped below 30 this morning.
This means that the token has firmly entered an oversold position, and that relative to recent price moves the market has undervalued it.
Likewise, SHIB’s 30-day average (orange) fell below its 200-day (blue) over the weekend, implying that it needs to change direction soon.
What’s less optimistic is that Shiba Inu’s trading volume remains a little flat, at roughly $400 million today, as opposed to as much as $13 billion in early March.
This indicates a big drop-off in interest in the token, yet it’s entirely arguable that the market continues to neglect SHIB relative to its fundamentals.
Shiba Inu raised $12 million with the TREAT token for its privacy-focused Layer 3 blockchain development, with Polygon Ventures among the Non-US investors.
The TREAT token is Shiba Inu’s utility and gov token for its privacy-focused Layer 3 on Shibarium, their ETH L2#MEMECOINS pic.twitter.com/6CrzbUgF9E
— CryptoRodo (@RodolfoPozoA) April 22, 2024
For example, last week saw the news that Shiba Inu’s developers have raised $12 million from Polygon Ventures and other investors, with the raise going towards the development of a new privacy-focused layer-three network.
This shows how Shiba Inu continues to plan for its future growth and evolution, making it not merely a meme token, but an ecosystem.
This is already evident in the existence of its own DEX, ShibaSwap, as well as in the existence of Shibarium, its layer-two network which has now processed more than 400 million transactions.
Given such utility, the Shiba Inu price is likely to return to growth soon, potentially hitting $0.000040 by the end of summer.
Diversification with New High-Potential Alts
SHIB will remain a strong meme coin for some time to come, yet there are many other promising new alts in the market at the moment.
This includes several presale tokens, which can often rally big once they list on exchanges for the first time.
And one new presale coin with the potential to have a big opening is DICE, which is the native token of the online crypto casino Mega Dice.
Launched in 2023, Mega Dice has quickly risen through the ranks to become one of the most popular online casinos in crypto, with its website offering over 4,500 games to play, among many other features.
Given its position, it therefore makes sense that it’s launching the Solana-based DICE, which has already raised more than $500,000 in its presale.
$DICE has raised over $500,000 in presale so far!
Thank you to each and every one of you for being part of our journey!
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— Mega Dice Casino (@megadice) April 25, 2024
What’s particularly bullish about DICE is that, as the native token for a popular online casino, it will have plenty of utility and experience rising demand.
It will be usable as a payment token for games on Mega Dice’s platform, while it will also provide exclusive access to select games and promotions.
What’s also promising is that it has a capped supply of 420 million tokens, while holders will also be able to stake the token, taking much of its available supply out of circulation.
As such, it could enjoy steady price growth over time, particularly as Mega Dice itself attracts more users.
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The coin’s presale will run for several more weeks, with the sale receiving 35% of the token’s overall supply.
Anyone interest in buying the token early can enter the presale by visiting the Mega Dice website and connecting their crypto wallet (e.g. Phantom, Trust, Solflare).
1 DICE currently costs $0.069, but only time will tell how far its price could rise.
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