By market value, Bitcoin is the biggest cryptocurrency in the world, and recent months have seen favorable trends. Other cryptocurrencies, such as Shiba Inu (SHIB) and RenQ Finance (RENQ), may be prepared for a spike in 2023, according to experts. This article will examine the reasons behind the bullish sentiment among experts toward SHIB and RENQ as well as the possible growth drivers for these two stocks.
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BTC observes bullish trends
A good sign that the medium-term bearish trend in the cryptocurrency market is beginning to change is Bitcoin’s recent ascent to a nine-month high. Even though there is a positive trend visible on the daily charts, there may still be some consolidation to take into account.
The 200-day moving average, the 89-day moving average, and the lower edge of the Ichimoku cloud were all surpassed by BTC/USD during Q1 of 2023, indicating the beginning of an uptrend. The 200-day moving average served as a support level for the nascent uptrend by stopping the March negative correction.
As of this writing, Bitcoin is currently trading at around $30,400 after hitting last week at $30,540, a 10-month high.
RenQ Finance (RENQ) and Shiba Inu (SHIB) Overview
Launched in August 2020, Shiba Inu (SHIB) is a cryptocurrency with meme influences. It was developed as a decentralized substitute for other cryptocurrencies like Ethereum and Bitcoin. Due to its low value, which enables investors to purchase significant amounts of the cryptocurrency at a relatively low price, SHIB has grown in popularity.
On the other side, RenQ Finance (RENQ) is a DeFi token that tries to address the liquidity issue that decentralized exchanges experience. From beginners to seasoned pros, it provides a comprehensive solution that is available to all categories of traders. For investors wishing to get involved in the DeFi area, it is a compelling choice due to its cutting-edge features, robust community support, and potential for expansion.
SHIB and RENQ’s bullish trends:
Both SHIB and RENQ, according to experts, are expected to experience growth in 2023. Some of the explanations are as follows:
1. SHIB has been gaining popularity:
In the cryptocurrency world as a result of its low value and meme-inspired design. Additionally, it has been listed on significant cryptocurrency exchanges, which has boosted its visibility and authority in the market. Due to its unique features and ability to address the liquidity issue decentralized exchanges confront, RENQ has also been gaining interest.
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2. Strong Community Support:
The communities that support SHIB and RENQ are both strong. On social media and online forums, the SHIB community has been aggressively promoting the cryptocurrency, which has boosted its visibility and appeal.
3. Strong And Enthusiastic Support:
For the project from the RENQ community has contributed to the cryptocurrency’s excellent reputation.
4. Future Potential:
According to experts, there is a lot of room for growth for both SHIB and RENQ. While RENQ offers an appealing investment opportunity for individuals interested in DeFi due to its cutting-edge features and potential to address the liquidity issue faced by decentralised exchanges, SHIB’s low value makes it possible for large capital gain if the cryptocurrency’s value increases.
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Both Shiba Inu (SHIB) and RenQ Finance (RENQ), according to experts, are poised for growth in 2023. For those interested in the cryptocurrency sector, their rising popularity, strong community support, and room for expansion make them appealing investment prospects.
It is crucial to remember that the cryptocurrency market is extremely unpredictable and volatile, so investors should always conduct their own research and proceed with care.
Source: Cosmo Politian