Shiba Inu Price Prediction: Is SHIB Ready To Reclaim $0.00001 Value In Feb?

Sahil Mahadik
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Shiba Inu SHIB price

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

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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.
Shiba Inu Price Prediction
Shiba Inu Price Prediction| TradingView Chart

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.

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.

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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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
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
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.