Shiba Inu Investors Move to New ICO, Targeting 1000% Returns
As Shiba Inu (SHIB) threatens a bearish breakout of a key technical pattern, investors are moving their attention to a new ICO as they target 1000% returns that they are unlikely to get with SHIB.
SHIB has formed a pennant structure in the past two months as it continued to consolidate below its 2024 highs.
Though pennant structures can break in either a bullish or bearish direction, SHIB risks seem tilted towards fresh downside.
That’s because SHIB has found strong resistance twice in the last few weeks at its 50DMA.
That suggests that the bears remain in control of this market.
If SHIB does break below its current pennant structure, as well as below its 100DMA, sell pressure could surge.
The first bearish target would be the support zone at $0.000018. The next target would be the late 2024 highs and early 2023 highs in the $0.000015-16 area.
With SHIB likely to drop in the near term, investors are looking for alternatives that might offer quick upside.
One new ICO called 5thScape has caught the attention of analysts at Cryptonews.
Exciting new ICO 5thScape has been generating a lot of hype recently.
5thScape is a first-of-its-kind crypto-powered VR/AR project. The project is developing its own VR/AR headset and VR/AR ecosystem, the economics of which will be powered by the blockchain.
And the exciting new ICO’s surging presale suggests investors are betting it will become a market leader. 5thScape has already raised north of $5.8 million.
Read more on cryptonews.com
