While the Shiba Inu-SHIB currency stabilizes within a multi-month trading range that forms a technical pennant pattern. The currency is currently in danger of breaking and falling below. Investors are turning to the initial offering (ICO) of the new 99Bitcoins (99BTC) on the Bitcoin blockchain with the aim of achieving potential returns of up to 100 times.
The return of Roaring Kitty - the famous investor in GameStop shares - to social media sites may have contributed to an increase in the general mood towards meme stocks, but it was not able to achieve a noticeable positive impact on major meme currencies such as Shiba Inu.
The price of Shiba Inu (SHIB) is currently approximately $0.000023, and it still maintains its position above the 100-day moving average (100DMA), but the price is under constant pressure from the 50-day moving average (50DMA).
As we mentioned previously, the Shiba Inu has formed a pennant pattern in recent months, and its breakout seems inevitable, knowing that this pattern can be broken in either direction. If Shiba Inu is able to break through it to the upside, the price may position again above the $0.000030 level. If it breaks it in a downward direction, it will likely fall to the support level at $0.000018.
It should be noted that macroeconomic factors will have a major impact on Wednesday when the US Consumer Price Index (US CPI) and retail sales data are released.
Depending on the impact of this data on the expectations of the Fed lowering interest rates, the market may be affected negatively or positively, and it may also be a motivating factor for the Shiba Inu to break the current pennant pattern.
While the Shiba Inu faces the risk of a decline in its price, it is not surprising that investors are looking for alternative investments that can provide better returns. One of the crypto projects that excited the Cryptonews team was the launch of the new initial coin offering 99Bitcoins (99BTC).
Here's why Shiba Inu investors are targeting this new Bitcoin IPO
99Bitcoins has been a leading crypto education platform for nearly a decade. The 99Bitcoins channel has over 700,000 subscribers on YouTube, with over 100,000 students registered on the platform.
Having become a well-known name in the crypto learning space, 99Bitcoins is taking the next natural step with its new Learn to Earn (L2E) platform, launching its L2E-based 99BTC base currency designed to reward individuals for expanding their horizons through crypto learning.
The project, which is still in the IPO phase, plans to convert its currency to the BRC-20 standard in order to become the learn-to-earn leader on the Bitcoin blockchain.
You can obtain 99BTC coins currently during its IPO, and the fundraising efforts have so far been a great success, as its IPO has already raised more than $1.25 million.
The price of one coin is currently $0.00105, but interested investors should move quickly to buy it, as its price will increase when the subscription is raised by about $2 million.
