Key takeaways

The cryptocurrency market is having a rollercoaster week so far, with Bitcoin and others experiencing mixed performances. Shiba Memu’s presale is now closing in on the $4 million mark as more investors pledge funds to the project.

Bitcoin eyes the $30k mark 

Bitcoin, the world’s leading cryptocurrency by market cap, briefly touched the $30k mark on Monday following a false news report. CoinTelegraph and some crypto media outlets reported that the spot Bitcoin ETF filed by BlackRock was approved by the US SEC.

The news sent Bitcoin racing past the $30k mark on Monday. However, BlackRock later came out to debunk the report, revealing that the SEC is still reviewing its Bitcoin ETF proposal. 

Bitcoin has now settled around the $28k level. At press time, the price of Bitcoin stands at $28,416 per coin. The bulls are still in charge and could push BTC’s price towards the $30k psychological level in the near term. 

What is Shiba Memu?

Shiba Memu is a cryptocurrency project that continues to gather interest among investors thanks to its unique proposition.  As a Web3 project, Shiba Memu intends to combine the powers of blockchain technology and artificial intelligence to make it easier for individuals and entities to carry out market campaigns.

Shiba Memu is a meme token project that intends to offer a wide range of use cases to marketers. The platform can carry out various activities, including content creation, marketing, social media advertisement, and creative advertisement. 

As an AI-powered project, Shiba Memu will work all day long to identify the best creative adverts and improve on them to provide superior content marketing services to users. 

Shiba Memu’s launching as a meme token comes as it seeks to leverage the popularity wave of meme coin projects in recent years. This is strengthened by the fact that within two years, meme coins saw their market caps grow from practically $0 to $35 billion in 2023. 

However, Shiba Memu will differ from other meme tokens by providing various use cases to users. Shiba Memu is launching with real-world use cases and would allow users to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. 

Currently, the project is available on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale closes in on the $4 milestone

The cryptocurrency market is experiencing a rollercoaster performance this week, with most coins and tokens currently in the green zone. 

Shiba Memu has continued its excellent presale performance, and the team has now raised roughly $3.9 million. This means that Shiba Memu has added more than $200k in less than a week. 

With the funds raised during the various presale stages, Shiba Memu will develop its products and services. The team will focus mostly on the development of the Shiba Memu AI technology. 

The Shiba Memu platform will also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, ask questions, and more.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

Shiba Memu is still in its presale stage, and this makes it impossible to predict its price in the short and medium terms. However, at the moment,  1 SHMU = 0.034525 USDT USDT. The token’s price increases every day at 6 pm GMT and is set to trade at 0.034750 USDT per token in a few hours. 

During the first presale stage, SHMU was trading at $0.011125, and it has seen a remarkable increase in price since then. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu now?

The decision to purchase SHMU belongs to the investors. However, Shiba Memu has the potential to become one of the top meme projects in the world, thanks to its utility in the market industry. By combining AI and blockchain technologies, Shiba Memu could gain massive adoption in the marketing world. 

At the moment, SHMU is going for a discount price as the project is still in its presale stage. With the right level of adoption and a possible crypto bull market on the horizon, SHMU’s price could rally higher in the medium to long term. 

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The meme coin DOGE, favorite crypto asset of Elon Musk, has again reversed, this time going up by 8.63%, printing a massive green candle on the hourly chart. It took the coin to the $0.0803 level.

Curiously, prior to that, despite Elon Musk officially announcing his ownership of Twitter, the DOGE price fell by more than 15% from the $0.0856 high on Thursday.

After news emerged that Musk would close the Twitter purchase deal by Friday, the Dogecoin community began sharing its expectations that the centibillionaire will finally adopt DOGE for Twitter to tip bloggers or to pay for Twitter Blue subscriptions.

Neither of these has been announced yet, although in the summer Musk did suggest accepting DOGE for Twitter Blue, hence the expectations of the DOGE army.

At the time of this writing, Dogecoin is trading at $0.0795 on the Binance exchange.

The crypto market is performing triage this morning after a brutal Monday that saw double digit losses across the board and watched the total market capitalization for the sector fall below $1 trillion for the first time since 2020.

As of this writing, bitcoin is sitting at $22,019, down 1.51% over the past 24 hours. Ether is down 0.54%, currently priced at $1,209.00.

Major altcoins are bouncing back today, led by cardano, polkadot, and solana, up 6.75%, 4.43%, and 3.06% respectively.

TRX, the native token of the multipurpose Tron blockchain, remains down 7.57% over the past 24 hours, and has fallen 27% over the past five days. Its decline comes in the midst of an aggressive defense of the token led by Tron founder Justin Sun and the TRON DAO, a collective managing a multi-billion dollar treasury being used to prop up a carbon-copy stablecoin, USDD, of the failed TerraUSD that collapsed in May.

Looking further out, these tokens are still down by 20-30% over the past five days and between 50-85% year to date. Ironically, the lone exception is Tron which briefly surged in early May amid the hype of USDD’s launch, but has since given up those gains.

Focus now turns to identifying when, or if, we have reached the bottom of the market. Current technical charts suggest that the market is flashing oversold signals. Bitcoin’s Relative Strength Index, Stochastic Indicators, and Bollinger Bands suggest that a short-term correction is in the cards.

It also appears that after some multi-billion liquidations, activity in the derivatives market is calming down. Raghu Yarlagadda, CEO of prime broker FalconX told Forbes that “Leverage in the derivatives markets is definitely not as high as it was before. This is a good sign because it means that people are not taking over levered bets.” Yarlagadda noted that many institutions on his platform are preferring to use market-neutral strategies for the time being because they are uncertain of the market’s future direction.

However, despite this lull and perhaps a brief turn to the upside, we are unlikely to break the long-term bearish trend being seen across all crypto and other risk-on assets. Additionally, bitcoin has broken through prior support levels this year in response to major market developments such as the LUNA/UST crash in early May or the drop in January when the Fed announced that it was going to start curtailing its accommodative policy stance.

The next data point to look for will be the readout from the Fed’s next policy meeting, happening today and tomorrow, where it is expected to signal its next rate increase of 50-75 bps.

After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.

Bitcoin Stands at $36K

The past few days didn’t go all that well for the primary cryptocurrency. It was just on Thursday when a sudden price pump drove the asset to a multi-day high at $43,500.

However, this is where it all went south. Bitcoin started to dump in value rapidly and slumped to $38,000 a day later. This became the lowest price point since early August.

While this was a steep correction of its own, the bears only tightened their grip on the market. As a result, BTC dropped by another $4,000 and dipped to around $34,000. This, on the other hand, became the lowest price point since late July.

Since then, though, BTC added around $2,000 and now stands at $36,000. Nevertheless, its market capitalization is still well below $700 billion.

Altcoins With Impressive Recoveries

The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.

Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.

On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.

Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.

Dogecoin Retreats Amid Broad Sell-Off In Crypto Markets

Dogecoin is currently trying to settle below $0.24 while Bitcoin is trying to get below the 50 EMA at $45,100.

Yesterday, crypto markets found themselves under huge pressure after Bitcoin moved back below the $50,000 level. Bitcoin became legal tender in El Salvador, but the country’s citizens had technical problems after the launch which may have served as a trigger for the sell-off.

Today, Bitcoin remains under pressure, although it has not reached yesterday’s lows near $43,000. This is a bearish sign for Dogecoin and other cryptocurrencies. Ethereum is currently trying to settle below the support level at $3,300, while XRP is testing the support at the 50 EMA at $1.05.

Technical Analysis

Dogecoin managed to get below the support level at $0.2450 and made an attempt to settle below the next support at $0.24. RSI remains in the moderate territory despite the strong sell-off, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin manages to get below the support at $0.24, it will head towards the next support at $0.2350. A move below this level will open the way to the test of the support at $0.23.

On the upside, Dogecoin needs to get back above $0.2450 to have a chance to develop upside momentum in the near term. A move above this level will push Dogecoin towards the resistance level at $0.2520. In case Dogecoin climbs back above this level, it will head towards the resistance at $0.2570.

It should be noted that the market remains in a panic mode, and Dogecoin may easily ignore technical levels. The trading volume has increased materially compared to previous trading sessions so Dogecoin will likely remain volatile. In this light, traders should be prepared for fast moves and focus on the momentum as support and resistance levels may be easily breached.

For a look at all of today’s economic events, check out our economic calendar.

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This article was originally posted on FX Empire

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