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Amidst the present market downturn affecting cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE), presale coins like ETFS, the native token of the ETFSwap ecosystem, have been seeing a significant rise in investor sentiment and demand.
Currently, the crypto community is getting ready for what we believe will be the biggest project launch ever witnessed in the crypto space. Unlike meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE), ETFSwap (ETFS) stands tall, rivaling the industry’s top meme coins ahead of its forthcoming launch, which is set to reshape the investment and tokenized ETF landscape.
Analyst Predicts Dogecoin (DOGE) Price Crash
Crypto analyst, Josh Olszewicz, on X (formerly Twitter) has identified critical technical indicators that could signal a potential price crash for Dogecoin (DOGE). Sharing a chart illustrating the price movements of Dogecoin (DOGE) against the United States Dollar (USD), Olszewicz disclosed that a potential Head and Shoulder (H&S) pattern was forming on the DOGE/USD 12-hour chart.
The H&S formation is a technical indicator which is usually seen as a bearish signal, hinting at potential downward trends for a cryptocurrency. Olszewicz has identified $0.14 as a critical price level that Dogecoin (DOGE) must hold to ensure its value does not plummet.
The crypto analyst has stated that Dogecoin (DOGE) could crash by a whopping 40% if the H&S pattern succeeds in forming. As depicted by Olszewicz’s chart, the H&S pattern remains unconfirmed, and Dogecoin’s (DOGE) critical support level has not been breached yet.
At the time of writing, the price of Dogecoin (DOGE) was trading at $0.13, reflecting a 7.66% decline in just one day and an approximately 33.6% decrease over the past month, according to CoinMarketCap. The cryptocurrency has broken past critical support levels highlighted by Olszewicz, potentially signaling further price declines unless a rebound occurs soon.
Shiba Inu (SHIB) Exchange Balances Records New Lows
Onchain data analysis platform, CryptoQuant, has shared insights on the Shiba Inu (SHIB) reserves within global crypto exchanges. The market intelligence platform disclosed that Shiba Inu (SHIB) exchange reserves have witnessed a significant drop recently.
According to CryptoQuant, the reserves were approximately 164 trillion on February 29, 2024, but within just two months, they declined by around 14 trillion, reaching about 150 trillion by April 24, 2024. Contrary to bearish expectations, this drop in exchange reserves is seen as a bullish sign, indicating a reluctance among Shiba Inu (SHIB) holders to sell their holdings.
Despite the optimistic trend, the price of Shiba Inu (SHIB) is still down by a staggering 7.92%, trading currently at $0.000022, according to CoinMarketCap. The cryptocurrency has been on a consistent downward trend, recording a monthly decline of 24.58% and a weekly decline of 16.01%.
ETFSwap (ETFS) Leads The Market With Record-Breaking Daily Token Sales
While meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are struggling to keep their prices stable amidst market volatility, ETFSwap (ETFS) is surging with new investors flooding into its market daily. Due to the speculative nature and lack of utility in meme-based cryptocurrencies, many investors tend to only invest in potentially bullish projects like ETFSwap, clearing their portfolios to incorporate high-profit potential assets.
Prominent crypto supporters and investors are beginning to see the value and opportunities within the tokenized ETF market and are investing massively into this multi-trillion-dollar asset class. Over 36 million ETFS tokens have already been sold out in the first stage of its presale, with the project achieving at least a million token sales daily.
Serving as a gateway to the rapidly evolving ETF market, ETFSwap (ETFS) will offer users the tools and resources to buy and trade institutional ETFs with cryptocurrencies. This platform combines the best principles of Decentralized Finance (DeFi) and traditional finance to create an unrivaled ecosystem where users and investors can thrive while trading and investing in these digital assets.
Unlike traditional investment platforms, which often incorporate KYC registrations, ETFSwap (ETFS) eliminates the requirements, ensuring that users’ sensitive information is protected and their trading operations are uninterrupted by government or regulatory agencies.
Additionally, ETFSwap (ETFS) bases its trading operations primarily on blockchain technology, ensuring safe and transparent trading activities and transaction processing. With this platform, users can get up to a 10x leverage on all trades as well as a 50x leverage across all ETFs listed when they trade in long and short options directly on the platform.
To gain access to these exclusive benefits, investors can purchase ETFS tokens at a price of $0.00854. Amassing a significant amount of these tokens now will guarantee a potential profit for investors when ETFS rises to $0.01831 in the second presale stage.
For more information about the ETFS Presale:
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
