Shiba Inu Price Prediction: SHIB Can Set New 2023 Highs After Breaking This Level in April

While Dogecoin saw notable gains during April, its biggest rival, Shiba Inu, has traded sideways in consolidation over the past 45 days. However, despite the sideways action, traders anticipate a massive breakout in the coming weeks after a long accumulation period.

SHIB has been trading inside an ascending triangle pattern since the beginning of March, with the roof of the triangle set at $0.0000119 and an upward-sloping trend line supporting the market. Although the market movement has been relatively muted, the accumulation period is quickly coming to an end as SHIB quickly approaches the apex of the triangle, where a breakout is expected.

SHIB Trades Sideways Through March and April

Even with the recent consolidation over the past month, SHIB has seen an impressive performance in 2023. The cryptocurrency found solid support at the end of 2022 at $0.00000790, allowing it to rebound at the start of January 2023 as it broke above a two-month falling trend line.

Following the breakout, SHIB started to surge during January and February to reach as high as $0.00001580, where it found resistance at a bearish .796 Fib Retracement level – measured from the August 2022 highs to the June 2022 lows.

Unfortunately, SHIB could not break above this resistance, causing it to drop through the second half of February as it found support at $0.00001 in the first few days of March 2023. From there, the cryptocurrency started to trade sideways inside a consolidation pattern known as an ascending triangle.

A breakout of this triangle would signal a fresh bullish run for the memecoin, allowing the buyers to push beyond the Feb 2023 highs and head back to the August 2022 highs. On the other side, an unlikely break beneath the rising support line would cause SHIB to head lower and possibly re-test the December 2022 lows. However, with the SHIB ecosystem continuing to expand and the formation of the accumulation pattern, a breakdown beneath the triangle doesn’t have a high probability of occurring.

Shibarium Hits 5 Million Wallets on Testnet

The testnet for the layer-2 scaling solution from Shiba Inu continues to experience unprecedented expansion as over 5 million wallets have participated. This is an incredible achievement, as the beta version of Shibarium launched on March 11, 2023, showing exceptional interest in the scaling solution;

Shibarium is being built on top of the Ethereum blockchain and is expected to bring new levels of growth to the Shiba Inu ecosystem. At its heart, it will help the network to scale when it experiences high levels of demand, providing a method to keep transaction costs low. It will also help to introduce a wide variety of decentralized applications on the network and introduce Shiba Inu into the metaverse.

Binance Announces that SHIB is Trusted as a Regular Coin After Removing it From Innovation Zone

Shiba Inu received a recent boost in confidence after Binance removed the SHIB token from its Innovation Zone, indicating that it trusts the memecoin as a regular cryptocurrency. SHIB has spent nearly two years in the Innovation Zone on Binance and was recently removed after an extensive review of the token’s trading behavior.

This is a major achievement for SHIB as it shows that it meets the high level of standard that the world’s largest crypto exchange expects from tokens in the industry and is no longer a highly volatile or risky asset.

Shiba Inu Burns Another 1.5 Billion SHIB Tokens

The circulating supply for SHIB continues to decrease as more tokens are burnt from the network. Shiba Inu released a burn portal in April 2022, allowing SHIB holders to receive rewards for removing some of their SHIB from the circulating supply. Launched on the decentralized exchange for Shiba Inu, ShibaSwap, the portal allows users to burn SHIB to earn burntSHIB, which can be staked to generate further rewards.

Over the weekend, a total of 1.5 billion SHIb were burnt from the circulating supply, bringing the total burnt from the initial supply of SHIB to 410,633,191,977,516 – 400 trillion. As SHIB continues to burn, the remaining tokens become more scarce, which should hopefully help to increase the value of SHIB over a longer period as fewer are available to purchase.

Following the insane amount of SHIB burnt this weekend, a huge crypto investor continued to increase their SHIB holdings by buying an extra 170 billion SHIB – worth around $1.8 million.

With the Shiba Inu ecosystem gaining significant traction, let’s look at the charts and see where the resistance is on the way up after SHIB breaks the current consolidation period.

Shiba Inu Price Prediction: Is SHIB Setting the Foundation for a Massive Rally?

The recent period of consolidation has many analysts believing that SHIB is setting itself up for a massive rally. The cryptocurrency surged by over 100% during January and February but has seen a relatively muted period of trading over the past 45 days as it trades sideways in the following ascending triangle pattern;

The ascending triangle is a bullish pattern, with a breakout usually signaling the beginning of a tremendous upward move. The roof of the triangle is currently set at $0.0000119, and traders are eagerly waiting for a daily candle close above this level to signal the breakout.

Initially, a smaller ascending triangle was in play, which was broken over the weekend to give birth to the wider triangle. If the market can break above this triangle, we can expect SHIB to make huge gains back toward the February highs at the very least.

Typically, an ascending triangle pattern will result in a breakout towards the triangle’s apex, which is currently expected at some point in mid-May. However, the breakout usually occurs well before the apex, so many traders expect a price surge soon.

Looking ahead, if the buyers manage to break the resistance at the triangle roof at $0.0000119, the first higher resistance level lies at $0.0000124, which is the March 2023 high. Above this, resistance is expected at $0.0000128 (October 2022 high-day closing price), $0.000014 (bearish .618 Fib Retracement), $0.000015 and $0.0000158 (bearish.786 Fib Retracement and Feb 2023 highs).

Above the 2023 highs, additional resistance is located at $0.0000173 (long-term bearish .5 Fib), $0.000018, and $0.0000197.

On the other side, the first level of support lies at $0.0000113. This is followed by support at the rising trend line created by the base of the triangle. Beneath the triangle, support is expected at $0.0000106, $0.00001, $0.00000965 (March 2023 lows), $0.000009, and $0.00000790.

With memecoins starting to re-enter the public narrative, one new budding project is seeing unprecedented growth in its presale – with many considering it the next best alternative to SHIB and DOGE. The best part about this new memecoin project is that it’s in the fundraising stage, meaning you have the chance to buy into the next SHIB or DOGE at the lowest possible prices. Let us introduce you to Love Hate Inu.

Love Hate Inu Flies Past $4.3 Million Fundraising Milestone in Just Over a Month.

Love Hate Inu is a memecoin that can provide real-world utility through its secure and transparent platform for voting on issues that matter. The project has morphed the GameFi mechanics into a new concept known as vote-to-earn, which rewards people for casting their votes and providing their honest opinions.

The presale started in the second week of March 2023, and the fundraising has already managed to surge well past the $4.3 million milestone in such a short period – indicating the enormous traction generated for this project.

The presale is currently sitting in its fifth stage, selling the $LHINU token for a price of  $0.000115. The presale is spread across eight stages, with an increasing pricing strategy. This means that the price for $LHINU will increase to $0.000125 during the sixth stage and will continue to rise until the final stage. As a result, those that invest in the earlier stages of the presale will leave the fundraising with higher unrealized gains – providing you with the opportunity to invest in the next memecoin sensation at rock-bottom prices.

The Only Memecoin With Real-World Utility

Love Hate Inu is one of the only memecoins that can provide real-world utility through its voting platform. It’s the ultimate voting token that allows you to express your honest opinions on hot topics to receive rewards. In addition, the project allows people to come together to a space where their voice is heard and be a part of a community that cares about what they think.

You might wonder why a vote-to-earn platform might need to be created. Well, in today’s social media landscape, it’s impossible to tell what opinions are honest and true anymore. With social media being full of trolls, paid shills, actors, and AI chatbots, nobody can tell what’s true or fake. Furthermore, the introduction of open-source AI has made the situation worse, providing an avenue for institutions and governments to easily shift the narrative of any topic to their benefit.

Love Hate Inu intends to change this dynamic by creating the first blockchain-powered voting platform to provide immutable opinions that are fully verified on-chain. As a result, you can be sure that the outcome of polls on Love Hate Inu is the honest opinion of the public and has not been manipulated by outside forces.

The team has gone to great lengths to prevent spam and manipulation on its platform. For example, those that want to cast votes and earn tokens on the platform must stake $LHINU tokens to be eligible to vote. The act of staking also makes the voting process totally anonymous, letting users state their honest opinions without the fear of retaliation.

Furthermore, to prevent whales from swaying the results, Love Hate Inu has implemented a real-time staking mechanism that uses the 30-day average balance of users. The more $LHINU tokens staked – and the longer period staked – the more voting power is accumulated. As a result, only those genuinely invested in the platform have a say in the vote outcome.

Love Hate Inu Targets a $3 Billion Industry.

You might also think that the target market for Love Hate Inu is quite small. Well, you might be surprised to learn that the online survey market hit a global value of $3 billion in 2023, and Love Hate Inu will be the first crypto-based mover in this industry. Furthermore, the sector has a compounded annual growth rate of 14.6% and is expected to hit $5.7 billion by 2027, and Love Hate Inu will be perfectly positioned to dominate in this sector.

To generate additional revenue, the team can easily partner with specific, high-profile brands to run sponsored polls, where the rewards for voting could feature NFT discount codes and branded metaverse items. Nevertheless, everybody contributing to the ecosystem will always earn tokens in the vote-to-earn ecosystem.

Invest Today Before Prices Continue Rising

Overall, Love Hate Inu is a groundbreaking platform, pushing crypto into an entirely new sector. However, with the presale using an increasing pricing strategy, it’s important for you to invest as early as possible to take advantage of the lower prices and leave the fundraising with higher unrealized gains.

The best part about the Love Hate Inu project is that the community is at the heart of it. The team intends to sell 90% of the total supply to ensure that the community holds most of the tokens – preventing any rug-pull attacks from the team and creating a strong foundation for the project.

Visit Love Hate Inu Today