SHIB Price Outlook: Can Shiba Inu Reclaim $0.00001 in February?

Shiba Inu Price Prediction: Should you invest now, given the market’s tight range oscillation and impending dramatic breakout?

Shiba Inu Price Prediction: At $0.000009, Shiba Inu (SHIB), the second-largest meme cryptocurrency, is currently underperforming in relation to the overall market. Over the last two weeks, it has only increased by 6.65%.

SHIB Price Outlook: Can Shiba Inu Reclaim $0.00001 in February?
Source: Coinpedia
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Despite the overall market rally, a downward-sloping resistance trendline that denotes an ongoing decline is impeding this minor advance. This trendline suggests that there may be ongoing selling pressure, which raises worries about the possibility of a further drop in the value of SHIB.

Why the Price of Shiba Inus is About to Explode

A reversal in price from the above trendline indicates that the trader is still selling at a positive bounce, which is a crucial indicator of an active corrective trend.

The price of Shiba Inu explodes by 1411%, shedding zero off the price.

A clear break above the convergent trendline will indicate the start of a directed increase.
With a 20% loss, the Shiba Inu’s 24-hour trading volume is $101 million.

The Shiba Inu price has dropped significantly since mid-December 2023, as the daily data shows. The price dropped by 25%, from $0.00001195 to the most recent low of $0.000009.

Recently, there has been a rise in purchasing activity in this downward movement around the $0.00000840 level, which coincides with both an ascending support trendline and the 61.8% Fibonacci retracement.

Throughout the previous three months, this support trendline has continuously offered strong dynamic support, giving purchasers a solid base from which to recover during market downturns. While there is usually a lot of volatility in price movements between two converging trendlines, it seems like the SHIB coin is ready for a clear breakout from one of these trendlines.

Buyers are anticipated to exceed the upper trendline with the current market recovery attitude and a decrease in active supply as a result of SHIB token burns. Ten transactions during the past day have burnt a total of 4,870,075 $SHIB tokens, according to the most recent report from SHIB burn tracker @Shibnur.

It is expected that a bullish breakout will boost purchasing activity and maybe pave the way for Shiba Inu to resume its upward trajectory. The meme coin’s price may rise by 16–18% following a post-breakout rally, with a goal close to $0.0000105.

Exponential Moving Average is a technical indicator. A lateral shift in the 100- and 200-day EMA indicates that market participants are feeling indifferent.

Vortex Indicator: An active corrective trend is indicated by a bearish crossover between the VI+ (blue) and VI- (pink) slopes.

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