Altcoins
Shiba Inu Price Golden Cross Nears Ahead of Shibarium Launch
Shiba Inu price has pulled back in the past three days as the recent bullish momentum wanes. The SHIB/USD token was trading at $0.000013, a few points below the year-to-date high of $0.000015. It has jumped by more than 80% from its lowest point in 2022 as the golden cross pattern nears.
Shibarium launch is the catalyst
Shiba Inu, just as Dogecoin, was started as a joke cryptocurrency prices were surging. It was created to compete with Dogecoin, which was gaining strong momentum at the time. Today, Shiba Inu has a market cap of over $7.6 billion, making it one of the biggest tokens in the world.
Shiba Inu has been keen to move past its meme coin heritage. In the past few years, the developers have worked to expand the ecosystem and bring more utility to the network. One way they did that was to introduce Shibaswap, a platform that lets people swap tokens and earn rewards.
They are also building a metaverse platform that will see people play games and trade non-fungible tokens (NFTs). Therefore, as part of this transformation, the developers are now building Shibarium, which is the next big thing in the industry.
Shibarium is a layer-2 platform that aims to make Shiba Inu’s ecosystem much better and faster than it is today. A layer-2 network is a sidechain that handles transactions away from the main blockchain, in this case, Ethereum. It leverages the strength of Ethereum to do all this but it solves the key challenges of high transaction costs and slow speeds.
It is not yet clear when Shibarium will be launched. However, according to insiders, the layer-2 network will be launched in the first quarter of the year. I suspect that the SHIB price will rise toward this launch and then decline after it happens.
Shiba Inu price prediction
In my last Shiba Inu price forecast, I warned that the coin was getting extremely overbought and that a pullback was likely. This view was accurate. SHIB price jumped to a year-to-date high of $0.000015 on Saturday. This was also the highest it has been since August 16. It was also the upper side of the cup and handle pattern that has been forming. This pattern is one of the most reliable continuation patterns in the industry.
Shiba Inu is also about to form a golden cross pattern, where the 50-day and 200-day moving averages pattern make a bullish crossover. Therefore, if this crossover happens, we will likely see the coin’s price continue rising for a while.
XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.
Fundamentals
XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.
Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.
Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.
XRP price performance has been subdued over the past few years since the
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
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