Will Shiba Inu Price Extend its Correction Trend in February?

In the recent crypto market uptick, SHIB, the second-largest meme cryptocurrency, has maintained stability above $0.0000085, coinciding with the 61.8% Fibonacci level. This combined support has driven an 8.5% rise in its price over the last six days, reaching $0.00000915. Will the renewed buying pressure in the market assist Shiba Inu in regaining $0.00001?

Will New Listing Announcement Push SHIB to above $0.00001

• The SHIB price witnessed high demand pressure at the $0.0000085 mark.
• A bullish breakout from the overhead trendline will revive recovery momentum in the market
• The 24-hour trading volume on the Shiba Inu is at $73 Million with a 9.5% loss.

Over the last six weeks, the Shiba Inu price has seen a significant decline in the daily chart, dropping from $0.00001195 to a recent low of $0.00000845, marking a 30% loss. However, as Bitcoin reclaimed the $40,000 level, SHIB downward trend slowed and began to move sideways above $0.000085. 

This price level, aligning with the 61.8% Fibonacci retracement and an ascending support trendline, suggests a strong interest zone for buyers to regain momentum.

Additionally, the Canadian cryptocurrency exchange Uphold’s recent decision to relist nine tokens, including SHIB, is expected to bring new investors to this memecoin, increasing the likelihood of a bullish reversal.

📣🇨🇦 Alert for our Topper users in Canada. The following tokens have been relisted on Topper and are available via our widget or with any of our Topper partners. 🇨🇦

$ADA, $CSPR, $DOGE, $HBAR, $INJ, $KAS, $SHIB, $XDC and $XLM

Head to Topper https://t.co/rkSQQYvoRF pic.twitter.com/GXbboobvB7

— Uphold (@UpholdInc) January 25, 2024

Should SHIB manage to break above its current resistance trendline, it would further confirm a recovery trend. A successful breakout could pave the way for buyers to target a potential rise to $0.0000105, followed by $0.000012.

Will Shiba Inu Price Plunge to $0.0000066?

If the overhead supply from resistance trendlines persists, the SHIB price may attempt another breakdown from the concentrated support region. Losing this foothold, would likely intensify the selling pressure and plunge this meme coin’s value to $0.0000076 or $0.0000066.

• Bollinger Band: A downtick in the lower boundary of the Bollinger Band indicator reflects the selling momentum in aggressive.
• Moving Average Convergence Divergence: A potential bullish crossover between MACD and the signal line indicates the buyers are fighting back at a crucial support of $0.0000085.

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