fmcpay shib price prediction flaunts impending 200 breakout
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Shiba Inu SHIB price prediction flaunts impending 200% breakout

Posted on by Anna

SHIB price prediction: The price of the Shiba Inu turns bullish. It is presently trading at its support level, and technical indicators are signaling a potential trend reversal.

Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

SHIB Price Prediction: The price of SHIB increased by 2.5% over the previous day, maybe because to the good news that the SEC is abandoning its inquiry into Ethereum (ETH). Shiba Inu and other meme currencies are typically the first to react to any news that affects their parent blockchain since they are ERC20 tokens. According to CoinGecko, the price of Shiba Inu (SHIB) was trading at around $0.00001877 on Wednesday during European work hours.

SHIB price prediction: 4X breakout is likely

Shib Price

During the March mini pump, SHIB’s price surged to a high of $0.00004567, but it then declined 62% to its present level. The decrease was mostly caused by the volatility of bitcoin and the overall unpredictability of the market. The Dogecoin killer, on the other hand, has created a falling wedge formation, which is often a positive market configuration.

In addition, SHIB’s price is presently within a solid support zone that has been there for the last three months. The asset is still positive even if SHIB price movement is heading below the 50-day and 200-day simple moving averages (SMA).

This present support zone gives an additional degree of structure around the 0.718 Fibonacci retracement level. There is still a lot of upward potential when the relative strength indicator (RSI 14) is at level 32.

The SHIB price might rise to $0.000057, a 201% gain from its present price, if it breaks out of the falling wedge to the upside. Resistance would be found at around $0.000029, $0.000034, and $0.000038.

Conversely, the asset may find support around $0.000016 and $0.000011.

Check Out the Latest Prices, Charts, and Data of SHIB/USDT

SHIB price future outlook

To stay relevant in the cryptocurrency sector, Shiba Inu developers have been putting in a lot of effort. They have launched the Shibarium blockchain and its ecosystem of tokens and formed alliances with actual businesses. Web3 meal delivery service DevourGO announced on June 13 that they now accept SHIB.

The figures for the Shibarium network also show a thriving chain, with the number of newly issued smart contracts reaching a record high in June.

A well-known metaverse game firm called The SandBox recently revealed that it now has Dogecoin (DOGE), Shiba Inu, and other meme currency.

Shiba Inu’s advantage and ability to persist as one of the biggest meme currencies in the cryptocurrency market come from this kind of acceptance. Furthermore, the SEC’s recent decision to conclude its inquiry into Ethereum has given SHIB investors fresh optimism because it has fueled rumors that an ETH ETF might be approved by the end of June or perhaps even early July.

Bottom Line

Behind the scenes, Shiba Inu developers have been attempting to make the project more significant than just a joke coin. The price of SHIB might rise to all-time highs as the Ethereum ecosystem gets ready for volatility from an authorized ETF.

Hong Kong to debut special crypto license amid low tax rate advantage

Hong Kong is preparing to introduce a unique licensing scheme for exchanges that convert cryptocurrencies into fiat money. Through advantageous tax laws, the city hopes to become a desirable location for virtual asset investments.

The absence of a capital gains tax on cryptocurrencies and other virtual assets is what makes Hong Kong unique. Australia taxes these assets at a rate of 40%, although nations like Japan might tax them at up to 50%. Investors may flood into Hong Kong’s cryptocurrency sector as a result of this tax benefit.

Hong Kong's Crypto Adoption, Implications and Considerations for Traders

Special crypto licensing system in Hong Kong

In recent years, Hong Kong has been actively growing its virtual asset market. The area has a number of competitive advantages, according to Hu Zhenbang, Chief Financial Officer of OSL Group, including low tax rates, a well-defined legal system, and effective investor protection measures.

Hong Kong also acts as a major international money finance hub, drawing elites from the world’s financial sector and profiting from China’s robust support. Together, these elements offer Hong Kong the ability, know-how, and legislative backing it needs to take the lead in Asia’s virtual asset market.

Hu Zhenbang points out that one reason Hong Kong is so attractive to foreign investors is that there is no asset value-added tax on investments in virtual assets. Japan and Australia, on the other hand, compel investors to pay taxes on asset appreciation, which are included in their comprehensive tax rates, even though they were early users of virtual assets.

Hong Kong’s low tax rate is a big lure for investors that are focused on profits. Furthermore, the way the financial industry views virtual assets is quite important. Owing to worries about money laundering, several major banks in Japan are reluctant to create accounts for virtual asset organizations; however, banks in Hong Kong, including a number of Chinese banks, are more accommodating.

Regulatory measures and licensing system

A bitcoin exchange licensing scheme could soon be implemented in Hong Kong. In order to tackle cyber risks and money laundering, the government has already put in place a number of safeguards. This shows that it is committed to encouraging standards and looking into possible regulations for this industry.

These initiatives strengthen Hong Kong’s standing in the virtual asset market. Hu highlighted the special benefits that Hong Kong’s virtual asset licenses provide. Hong Kong’s licenses permit the simultaneous trading of cryptocurrencies and security tokens, in contrast to those in Singapore and the US, where permits often cover just one of the two.

Having dual capabilities simplifies operations as opposed to requiring different licenses, which is the situation for businesses like the publicly traded U.S. company Coinbase that can only handle bitcoin transactions. Thus, Hong Kong has a competitive advantage in the global cryptocurrency scene because to its broad licensing.

Why analysts believe Solana’s price could drop to $100 in the future?

Solana’s price may go as low as $100 based on its current decrease and the negative signs displayed in the charts. Examine the specifics.

As the price of Solana has been falling for a while, the enthusiasm around her is gradually waning. Prior to today, the price of Solana was as high as $202 in March, but it has since dropped to $140.58. Its bullish March performance was the closest it has come to hitting the three-year-old, unreachable all-time high objective of $260.06.

Solana Price Analysis

Even if the altcoin’s price has somewhat increased by 2% over the last day, it still has a long way to go before it can be considered one of the top 5 cryptocurrencies on the market.

Why Solana price might drop to $100?

For years, Solana’s price has been very modest; since the ATH years ago, it has only once surpassed the $200 threshold. That occurred during the height of the bull market, and given the current downward trend in the market, it appears to be a significant issue. Over the course of a week, the price has decreased by 6.43%. This decrease coincides with a persistent decline in network activity. As a result, trade activity over the past 24 hours has decreased by another 11% to $3,088,202,001, a sign that investors are becoming less confident.

Solana Blockchain: Understanding its Potential in the Gaming Industry

The fiercer rivalry in the market poses the most risk to the Solana price. According to Arthur Hayes, the ex-CEO of BitMEX, Solana may not be leading the base layer decentralized application in the next years. Rather of endorsing Solana as the new market leader, he chose to push Aptos.

The rivalry is far from finished because layer 2 blockchains are expanding and controlling a sizable share of the industry. With its high security, cheap cost, and speedier transactions, Ethereum layer 2 is poised to take the lead in the market. Soon, this continuity will enable Solana-like layer 1 blockchain flipping.

Analysts projected a dump in which the price of Solana may fall to test support at $116 based on the current pricing and factors driving the stock down. The likelihood of such declines is larger in consolidation. But, given that Solana’s price started to rise today, and if it overcomes the resistance level at $157, this cryptocurrency may see a climb this time around.

 What’s coming next for Solana price?

According to technical indicators, Solana is now experiencing extreme negative movements. The Relative Strength Index (RSI), which measures the oversale of this cryptocurrency, is 38.41. Additionally, the MACD (12,26,9) is -373.92, which is a clear indication of the market’s aggressive bearish. The other technical indicators, such as Williamson%R(14), ROC(20), CCI(20), and Stochastic(20,3), exhibit similar behavior.

Additionally, the simple and exponential moving averages on the 5, 10, 20, 50, and 100 intervals suggest that the bearish side is predominating over the other. These indicate that there is a greater chance of the decline than of any rebound. After experiencing a similar dip from March 18 to April 13, analysts predict that the price of Solana may go as low as $102.

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