Shiba Inu Price Eyes $0.00001 As Buyers Break 50-Day Correction Trend

The border crypto market returns on a recovery trend as the leading cryptocurrency Bitcoin breaks above $46000. The renewed buying interest spread across the altcoin market, including SHIB as it showcased a strong bounce back from $0.0000085 support. The positive turnaround surged the memecoin 6% higher and breached the key resistance trendline which carried the last correction trend. Is this breakout enough to propel Shiba Inu price above $0.00001?

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

Key Resistance Breakout Set SHIB Price Rally to $0.00001

The year 2024 has started on a bearish note for Shiba Inu, with the meme coin following a downward trajectory, pressured by a resistant trendline. From its last peak at $0.00001195, SHIB experienced a 30% decline, reaching a low of $0.00000827. 

However, a recent shift in the crypto market’s momentum has sparked a notable recovery for Shiba Inu, breaking above the critical resistance trendline and signaling a potential change in market dynamics.

This breakout, supported by bullish candle formations, underscores a growing optimism among investors for further gains. Should the upward trend continue, SHIB’s price is poised to climb to $0.00000986 and potentially reach $0.0000105, marking a potential increase of 12%. 

Recent figures from Shibburn, a platform monitoring the burning of SHIB tokens, reveal a 127.41% jump in SHIB incineration, with an impressive 21 million SHIB tokens destroyed in the last 24 hours. This burn activity should assist the community in reducing the asset’s total supply and simultaneously drive demand.

In the past 24 hours, there have been a total of 1,001,275 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/RdZDdyug5M

— Shibburn (@shibburn) February 10, 2024

Also Read: Shiba Inu Coins: BONE, LEASH, & SHIB Prices Rallying Today, Here’s Why

Will Shiba Inu Price Fall Back to $0.0000085?

If Shiba Inu struggles to sustain this bullish momentum, a pullback could see its value retract by 6.5% to a significant support level at $0.0000085. This support line, active for almost four months, could serve as a pivotal buying opportunity for traders looking to capitalize on SHIB at a lower entry point. As long as this dynamic support remains unbreached, Shiba Inu’s price is likely to be cushioned against a severe drop.

• Bollinger Band: A downswing in the upper boundary of the Bollinger band indicator reflects the overhead supply pressure is intact.
• Average Directional Index: The falling ADX slope at 23% reflects the weakening of bearish momentum.

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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.