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.
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
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