To the dismay of the bulls, the price of Bitcoin fell by almost 5% today, causing the number one ranked cryptocurrency to sink beneath $30,000 and reach as low as $28,500 during the period. It seems that regulatory crackdowns and continued interest rate hikes are starting to re-inject fear back into the market as the inflation narrative continues to dominate.
Meanwhile, the new Love Hate Inu memecoin sensation has pumped toward the $5 million milestone as investors quickly flock to the new vote-to-earn platform that intends to bring honesty back to social media. The growth of the Love Hate Inu presale has shocked everybody after attracting a great deal of investment in just over four weeks from going live.
Keep reading to discover why Bitcoin is falling, where it could head next, and why inventors are rushing to the Love Hate Inu presale.
Bitcoin Starts To Head to $25K on Regulatory Crackdown and Higher Interest Rates.
Bitcoin slid by a steep 5% over the past 24 hours as the cryptocurrency broke back beneath $30,000 to reach as low as $28,500 as regulatory crackdown fears drag prices lower.
The regulatory crackdown was recently revived after Gary Gensler, the chairman of the SEC, appeared in front of the United States House Financial Services Committee for a hearing, in which he was unable to answer whether Ethereum was considered a commodity or security;
Gary Gensler and Representative McHenry arguing on whether $ETH is a commodity or a security, with Gensler unable to answer the question 👇 pic.twitter.com/DTMtazYmuS
— Cointelegraph (@Cointelegraph) April 19, 2023
The elusive comments sparked fear back into the market as the debate continues about which altcoins are deemed as a security moving forward.
Furthermore, the SEC had also filed a lawsuit against Bittrex earlier in the week, claiming that the altcoin exchange was operating as an unregistered securities exchange and clearing agency. This comes after the SEC moved to sue other cryptocurrency projects, such as BUSD, Ripple, Genesis, and Coinbase – leading many analysts to believe that further crackdowns on cryptocurrency projects will be on the way.
In addition to the harsh regulatory environment, the overall global macroeconomic environment seems to be spooking the market again. The most recent price drop in Bitcoin was largely a result of the heightened expectations of additional interest rate hikes being on the way. Previously, traders were anticipating a dovish U-turn on the Federal Reserve’s stance against inflation as they hoped for interest rate cuts in the next FOMC meeting. However, recent comments from Jerome Powell – the US Federal Reserve’s chairman- injected fear into the market by stating that they’re still committed to bringing inflation back down to the 2 percent goal, using tools such as interest rate hikes to achieve this.
Traders are now anxiously awaiting the next FOMC meeting, which is scheduled for May 3, 2023, hoping another 75 BPS rate hike isn’t on the table.
Bitcoin Price Analysis: Where is the Support on the Way Down?
With Bitcoin heading lower, let us take a look at the daily chart and highlight the major areas of support and resistance moving forward;
Looking at the daily chart above, we can clearly see that Bitcoin has been in a strong bull trend since the start of the year. The cryptocurrency hit a low of $19,720 during March but then went on to surge to reach as high as $29,350 during the month, provided by the July 2021 lows. The bull run continued to push BTC higher during April, allowing it to reach a high of $31,000 last week.
Unfortunately, BTC struggled to overcome a long-term rising trend line this week, forcing it to roll over and head lower. We can see that the market is now trading inside a short-term price channel, with the lower boundary providing considerable support for the market.
For the current BTC pullback to continue, the market would need to fall through the lower boundary of this price channel. In that case, the first levels of support lie at $28,640 and $28,225 (Jan 2021 lows). Beneath this, added support is expected at $27,195 (April 2023 lows), $26,400, $25,414 (May 2022 lows), and $25,000.
While Bitcoin starts to make its retracement, altcoin projects are starting to see a sudden revival. One memecoin, in particular, is seeing considerable traction in its presale as it managed to raise almost $5 million in investment – just four weeks after starting. Let us introduce you to Love Hate Inu.
Love Hate Inu Steals Headlines and Pumps Toward $5 Million.
The Love Hate Inu presale continues to steal all the headlines as the presale pumps toward the $5 million milestone in its fundraising. The presale only started on March 7th, 2023, showing the high level of interest that the presale is beginning to generate.
Love Hate Inu has created the first vote-to-earn crypto platform, allowing users to provide honest opinions on topics that matter to receive rewards. The project is one of the only memecoins that can give real-world utility to users through its public voting utility that’s completely verified on the blockchain. In addition, love Hate Inu provides a platform where users can come together to discuss important topics, cast votes on polls, and earn rewards.
The project plans to seat itself at the forefront of the online survey market, which is a rapidly growing industry valued at $3.2 billion in 2023. The industry has a Compound Annual Growth Rate (CAGR) of 15.5%, which will see it grow to reach $5.7 billion by 2027. As a result, Love Hate Inu is launching at the perfect time to be the first blockchain-based project moving into the space, providing immutable and verifiable survey results on the blockchain.
Vote-to-Earn Bringing Honesty Back to Social Media
The main aim of Love Hate Inu is to finally bring honesty back to our social media platforms today. With platforms such as Twitter, Facebook, and Instagram filled with paid shills, actors, and trolls – it’s becoming increasingly difficult to ascertain the public sentiment on a particular topic anymore. Furthermore, the introduction of open-source AI, such as ChatGPT, has birthed countless AI accounts – making it nearly impossible to figure out what opinions are honest.
Love Hate Inu intends to change this dynamic by bringing honesty back to online polls. The platform provides an immutable voting system, meaning all the results you see through its polls are the total honest opinions of users that cast their votes. As a result, the poll results from the Love Hate Inu platform will finally provide a trustworthy source of public sentiment regarding hot debates.
How Does Love Hate Inu Prevent Spam and Manipulation?
One of the problems that online polls face is spam attacks and vote manipulation. Love Hate Inu has systems in place to prevent spam and manipulation on its platform by requiring users to stake their $LHINU tokens before being eligible to vote. The act of staking qualifies users to vote and ensures the voting remains anonymous, allowing users to provide honest opinions without the fear of judgment or retaliation.
The team has taken its mechanism to prevent spam one step further by implementing a real-time staking feature that utilizes the 30-day average balance of users. This means that every single user will gain voting power over time, preventing whales from flowing in and out of the token to manipulate the vote results. Furthermore, the more $LHINU tokens staked and the longer the staking period, the more voting power accumulated.
Once staked, a user is free to cast their votes on the polls presented on the platform. This feature ensures that only those invested in the platform will have a say in the voting outcome.
Love Hate Inu is Rug Proof – Invest With Peace of Mind Today
The Love Hate Inu presale is currently in the fifth stage, selling each $LHINU token for $0.000115. However, it’s essential to mention that the presale employs a rising price strategy that sees the price of the $LHINU token increase during each presale stage. So, for example, once the presale enters the sixth stage, the price for the token will rise to $0.000125 and will continue to rise until the final eighth stage.
As a result, those investing in the earlier stages of the presale stand to benefit the most as they leave the fundraising with higher unrealized gains to bank. In addition, the team has stated that they intend to launch the token at a price of 0.000145 USDT, providing a substantial return for all those invested in the presale.
The best part about the presale is that the team plans to sell 90% of the circulating supply in the presale, ensuring that most of the tokens remain in the hands of the users – preventing it from a rug-pull attack from the team. The remaining 10% is reserved for exosystem growth and to reward users for using the platform.
Overall, there’s a reason why so many investors are entering the Love Hate Inu presale because they think it has strong room for growth ahead. Fortunately, with the presale in its infancy, you’re still very early to the party if you’re looking for a new memecoin to invest in.
