Shiba Inu Price Prediction as It Aims for Rally; Why Viral Meme Coin AiDoge Could go Higher
It’s been a disappointing week for Shiba Inu (SHIB) investors, with the token’s value dropping nearly 14% from mid-April’s highs.
However, with SHIB now hovering around a crucial support level, many believe the price is poised to rebound explosively, leading to an extended bull run.
Although meme coins like Shiba Inu have undoubtedly experienced some bearish sentiment recently, this hasn't stopped newcomer AiDoge from launching its presale phase - and raising over $100,000 in funding in the first few minutes.
Could Nearby Support Level Be a Launchpad for SHIB?
Shiba Inu was one of several meme coins that benefitted from Elon Musk’s decision to change the Twitter logo to the DOGE icon in early April.
Naturally, Dogecoin’s price soared in the hours after this change – yet Shiba Inu’s price also received a significant boost, rising by over 11%.
After a minor pullback, the SHIB price began another leg to the upside, printing a high at $0.0000118. Unfortunately for investors, this high coincided with a critical resistance level formed in March – prompting the price to decline to the levels seen today.
However, it’s not all bad news. According to CoinMarketCap, over $215 million worth of SHIB tokens were traded in the last 24 hours alone. This represents an 80% increase over the previous day.
Moreover, SHIB remains in the top 40 most-traded crypto assets on the Binance exchange – highlighting that traders aren't willing to give up the fight.
So where could the Shiba Inu price go from here? Right now, the SHIB price is hovering around the crucial support level at $0.000010, a robust psychological barrier that bulls are eager to hold.
Shiba Inu hasn't traded below this price point since mid-January, although it did reject it aggressively in March. The long wicks currently being created around the area highlight a large number of buy orders from bulls, which are causing extreme volatility.
If SHIB rejects from this support level, likely through a solid 4H candle, then there's scope for the price to return to mid-April's highs. This would represent a price increase of around 15% - a sizable return for such a small move.
The resistance level at these highs has held firm four times in the past two months – so it will be tough to breach. However, if SHIB's price can close past it, the next target would be $0.000014, representing another 18% move to the upside.
Lack of Roadmap Movement Paints Downside Worry for Investors
However, investors must also be prepared if Shiba Inu's price breaks below the nearby support level – a scenario that could see SHIB head back to the lows of $0.000008.
These lows haven't been seen since the start of January and would equate to a 21% decline from today's price.
Looking at the 20-day EMA, a popular measure of an asset’s short-term trend, it’s clear that sentiment has turned bearish over the past week. After breaking through this EMA to the downside on April 20th, SHIB's price has just retested the trendline and has been unable to reverse.
This could be viewed as a bearish signal since a failed break back above could precipitate another move to the downside.
Any downside move will likely also have some fundamental basis to it. Although the SHIB community continues to be excited by the prospect of the “Shibarium," Shiba Inu's layer-2 scaling solution for Ethereum, there's still no release date.
Furthermore, developers have been tight-lipped on updates – with some investors growing concerned about the lack of movement.
Naturally, the slowdown in “hype” around Shibarium’s release has affected the SHIB price. If this trend continues, then there’s scope for buying power to decrease further – and push Shiba Inu below the nearby support level.
However, it’s not all bad news – leading Indian crypto exchange Flitpay has just listed Shiba Inu’s governance token, BONE, on its platform. Flitpay is the fourth exchange to support BONE, alongside OKX, Huobi, and CetoEX, highlighting the growing interest in the token.
New Ai-Powered Crypto Project AiDoge Raises $100k in Minutes
While Shiba Inu continues to be a popular topic of discussion in the crypto space, a new project called AiDoge is generating buzz after launching its presale phase.
This presale began on April 25th, and in less than one hour, AiDoge had raised a staggering $105,000 – highlighting the impressive buzz around the project.
The buzz around AiDoge stems from its AI-powered features, which include a cutting-edge "meme generator." This meme generator enables users to instantly create entertaining images using text-based prompts – much like ChatGPT or DALL-E.
Per the whitepaper, the project's native token, $Ai, will play a key role. Users must own $Ai to buy credits for meme generation, although they can also stake their tokens to earn daily recurring rewards.
Excitingly, meme lovers will also be able to earn additional $Ai rewards by producing topical images that become popular on the AiDoge platform. The meme images that are upvoted the most, reaching the top of the "public wall," will be rewarded with distributions of $Ai.
In a world where red-hot memes can often go viral in seconds, AiDoge makes the creation process much more straightforward for those without any photo-editing experience – enabling them to participate in online communities easily.
AiDoge’s presale is gathering momentum, with early investors able to buy $Ai tokens for just $0.000026 – a 29% discount on the intended exchange listing price.
Presale investors can buy $Ai using ETH, BNB, USDT, or a credit/debit card. There’s no minimum purchase amount, ensuring investors of all backgrounds are free to get involved.
