Key Support Levels for Shiba Inu Coin to Ensure Bullish Stance

Amid the broader crypto market recovery, Shiba Inu coin secured strong support at $0.0000085, leading to a notable 9% increase to reach a peak of $0.0000096. Despite this uptick, the overall altcoin market experienced a slowdown in momentum due to lingering doubts about Bitcoin’s ability to maintain its position above the $50k threshold. With this uncertainty, the SHIB price is at risk of 4% drop this week but there’s a catch.

Also Read: “DOGE And SHIB”: Can SHIB Go as high as DOGE?

Will SHIB Price Regain $0.00001 in Feb? 

The past four months’ trajectory in Shiba Inu price is still bullish under the influence of an ascending trendline. A look at the daily time frame chart shows this memecoin has rebounded at least thrice from this dynamic support indicating a crucial accumulation point for investors. 

The SHIB Price currently trades at $0.00000925 and with an intraday loss of 1.7%, it teases a breakdown below minor support of $0.0000092. This breakdown could plunge the prices by 4.3% to hit the aforementioned support trendline.

If the demand pressure at this support persists, the Shiba Inu coin witnessed a notable reversal to $0.0000105, projecting a potential gain of 14%.

Also Read: SHIB, BONE, & LEASH Prices Jump Amid WoofSwap’s Shibmap Bridging Plan

Is Shiba Inu Coin Ready For Sustainable Growth?

An analysis of the broader time frame shows that the SHIB price is following a steady downtrend under the influence of a falling wedge pattern. This chart setup active for nearly 2 years indicates the asset continues to witness selling pressure on a bullish bounce.

The anticipated rally to $0.0000105 should provide buyers another opportunity to escape the range of wedge patterns. This breakout will give a better signal for trend change in the Shiba Inu coin.

• Exponential Moving Average: The long-term EMAs(100 and 200) accentuate the current market trend is sideways.
• Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line indicates the short-term trend is reflecting a positive outlook.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.