Shiba Inu Price Prediction: The Shiba Price wobbling in a narrow range is poised for a decisive breakout, should you enter now?
Published 7 hours ago
Updated 2 hours ago
Shiba Inu Price Prediction: Shiba Inu (SHIB), ranked as the second-largest meme cryptocurrency, is currently underperforming compared to the broader market, with only a 6.65% increase in the past fortnight, trading at $0.000009. This modest rise, despite the general market uptick, is hampered by a downward-sloping resistance trendline, indicating an ongoing correction. This trendline hints at persistent selling pressure, raising concerns about the potential for further decline in SHIB’s value
Why Shiba Inu Price is Poised For Massive Breakout
- A price reversal from the overhead trendline reflects the trader continues to sell at a bullish bounce-a key behavior in an active correction trend
- A decisive breakout from the converging trendline will trigger a directional rally
- The 24-hour trading volume on the Shiba Inu is at $101 Million with a 20% loss.
Since mid-December 2023, the Shiba Inu price has experienced a notable decline, as evident in the daily chart. The price fell from $0.00001195 to a recent low of $0.000009, constituting a 25% decrease.
This downward movement recently saw an increase in buying interest around the $0.00000840 level, aligning with the 61.8% Fibonacci retracement and an ascending support trendline.
This support trendline has consistently provided robust dynamic support over the last three months, enabling buyers to find stable ground for recovery during market downturns. Although price movements within two converging trendlines typically exhibit high volatility, the SHIB coin appears poised for a decisive breakout from one of these trendlines.
Amid the current market recovery sentiment and a reduction in active supply due to SHIB token burns, buyers are expected to breach the upper trendline. In the latest update from SHIB burn tracker @Shibnur, a total of 4,870,075 $SHIB tokens have been burned through 10 transactions in the last 24 hours.
In the past 24 hours, there have been a total of 4,870,075 $SHIB tokens burned and 10 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/hcbRmvcyCK
— Shibburn (@shibburn) January 31, 2024
A successful bullish breakout is anticipated to intensify buying activity, potentially setting the stage for Shiba Inu to retrace its recovery path. Such a post-breakout rally could potentially propel the meme coin’s price by 16-18%, aiming for a target near $0.0000105.
Technical Indicator:
- Exponential Moving Average: A lateral movement in 100- and-200 day EMA reflects a neutral sentiment among market participants
- Vortex Indicator: A bearish crossover between the VI+ (blue) and the VI- (pink) slope indicates a correction trend is active.
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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.
Source: https://coingape.com/markets/shiba-inu-price-prediction-is-shib-reclaim-0-00001-in-feb/