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Shiba Inu Price Gets Extremely Overbought: Pullback Likely

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Shiba Inu price has been in a strong bullish trend in the past few days as investors focus on the upcoming Shibarium launch. The SHIB token rose to a high of $0.000012, which was the highest level since November 3. It has surged by over 42% from the lowest point in 2022.

Shibarium launch ahead

Shiba Inu price has made a strong bullish trend as investors focus on the upcoming major change in the ecosystem. The main change is that Shiba Inu’s developers are building Shibarium as the network seeks to grow its ecosystem.

Shibarium will be a layer-2  blockchain that will solve some of the biggest challenges that exists in the ecosystem. Since Shiba Inu, Bone, and Leash exists in Ethereum, it has to cope with the inefficiencies in its platform. 

For example, Shibarium will have lower transaction costs and faster speeds. Presently, Shiba Inu transactions can add up to $100 in fees. As a layer-2 network, it will have speeds of over 2,000 transactions per second (tps). Also, it will make it possible for developers to build on top of the network. 

In a statement, they noted that the focus will be on non-fungible tokens (NFT), gaming, and the metaverse. Further, the network will also help reduce the amount of Shiba Inu tokens in circulation using burn features. The statement added that:

All transactions on the network will have an implicit burn amount for $SHIB token. This will operate within the base gas fee of these transactions being utilized to burn $SHIB through our renewed Burn Portal.”

Shiba Inu price prediction

Shiba Inu Price

The daily chart shows that the SHIB price has been in a strong bullish trend in the past few weeks. It has jumped above the important resistance level at $0.000010, the highest point in December. The token has surged above the 25-day and 50-day moving averages. 

At the same time, the Relative Strength Index (RSI) surged to extreme overbought level. Therefore, the coin will likely pullback in the coming days. If this happens, the next key support level to watch will be at $0.0000010. A move above the resistance level to watch will be at $0.000012.

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Avalanche Price Loses Momentum Ahead of FOMC Decision

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Avalanche price has pulled back in the past few days as investors wait for the upcoming Fed decision. AVAX has also declined as buyers who benefited during January’s comeback start harvesting profits. It was trading at $20, which was a few points below the year-to-date high of $21.84. The coin has jumped by about 90% from the lowest point in 2022.

AVAX had a great January

Avalanche is a leading alternative to Ethereum. Some of its important features are that it is highly interoperable, has faster speeds, and has extremely low transaction costs. Avalanche has been used to build some popular apps in the ecosystem are Wonderland, AAVE, Benqi, Trade Joe, and GMX.

Avalanche has had a strong performance in 2023 as the amount of inflows in the ecosystem has jumped sharply. For example, Wonderland has seen its TVL jump by 8.45% in the past 30 days. Similarly, AAVE, Benqi, Trader Joe, and GMX have seen their assets jump by over 20% in the same period. 

At the same time, the amount of fees in the ecosystem has been in an upward trend. The supply side fees in January peaked at $42.5 on January 1. In all, the fees collected in the ecosystem were better than in the previous month. They have risen by over 80% in the past 30 days.

The next…

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Dogecoin Price Slowly Forms a Rising Wedge Pattern

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Dogecoin price rose on Tuesday as investors cheered the new reports on Elon Musk’s ambitions on payments. The coin jumped to a high of $0.095, the highest point since December 11 of last year. It has jumped by more than 39% from the lowest point in 2022.

Elon Musk’s Twitter ambitions

Dogecoin is associated with Elon Musk, the second-richest person on earth with a net worth of over $150 billion. Before he endorsed the coin, it was languishing as one of the many cryptocurrencies in the industry. Today, DOGE is a multi-billion dollar cryptocurrency that is owned by millions of people. 

DOGE price rose after the Financial Times reported about Elon Musk’s plans for Twitter. He wants to make Twitter a leading payments provider. For example, he could build a product that makes it possible for people to send money to each other. Also, the payment platform could have features that enable people to pay to companies. 

According to the FT, Musk will also seek to introduce crypto in Twitter’s ecosystem. If this happens, he will likely introduce Dogecoin, which is his most favorite’s cryptocurrency. Tesla, his main company, has already started accepting DOGE for its accessories business. 

But there are two main unknowns. First, it is unclear when the new payment service will be launched. Second, it is still unclear whether users will embrace…

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DYDX Crypto Price Resurgence Gathers Momentum

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The dYDx crypto price has made a spectacular recovery in the past few days as investors reacted to the postponement of the token unlock program. The token surged to a high of $2.62, the highest point since November 15 last year. 

Why is dYDx price soaring? 

dYDx is a leading crypto exchange that is relatively different from centralized platforms like Coinbase and Binance. It’s main difference is that it is a decentralized exchange that is controlled by a DAO. 

A key part of the dYdX ecosystem is that of token unlocks. A token unlock is a situation where a blockchain releases tokens as part of its tokenomics. It can be compared to what happens when a company’s lockup expiry happens. 

As I wrote last week, the developers were to release millions of tokens, which would have diluted existing holders of the token. In a statement, the company said that they would postpone the unlocking of these tokens. 

30% of these tokens will now be unlocked on December 1. They will be followed by 40% in equal monthly installments on the first day of each month starting from January 1 next year to June 1. 20% of the tokens will then be released in equal installments on the first day of the month from January 1, 2024 to June 1 2025. 

Similarly,…

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