MEXCWill Shiba Inu Price Extend its Correction Trend in February?
In the recent crypto market uptick, SHIB, the second-largest meme cryptocurrency, has maintained stability above $0.0000085, coinciding with the 61.8% Fibonacci level. This combined support has driven an 8.5% rise in its price over the last six days, reaching $0.00000915. Will the renewed buying pressure in the market assist Shiba Inu in regaining $0.00001?
Will New Listing Announcement Push SHIB to above $0.00001
- The SHIB price witnessed high demand pressure at the $0.0000085 mark.
- A bullish breakout from the overhead trendline will revive recovery momentum in the market
- The 24-hour trading volume on the Shiba Inu is at $73 Million with a 9.5% loss.
Over the last six weeks, the Shiba Inu price has seen a significant decline in the daily chart, dropping from $0.00001195 to a recent low of $0.00000845, marking a 30% loss. However, as Bitcoin reclaimed the $40,000 level, SHIB downward trend slowed and began to move sideways above $0.000085.
This price level, aligning with the 61.8% Fibonacci retracement and an ascending support trendline, suggests a strong interest zone for buyers to regain momentum.
Additionally, the Canadian cryptocurrency exchange Uphold’s recent decision to relist nine tokens, including SHIB, is expected to bring new investors to this memecoin, increasing the likelihood of a bullish reversal.
📣🇨🇦 Alert for our Topper users in Canada. The following tokens have been relisted on Topper and are available via our widget or with any of our Topper partners. 🇨🇦
$ADA, $CSPR, $DOGE, $HBAR, $INJ, $KAS, $SHIB, $XDC and $XLM
Head to Topper https://t.co/rkSQQYvoRF pic.twitter.com/GXbboobvB7
— Uphold (@UpholdInc) January 25, 2024
Should SHIB manage to break above its current resistance trendline, it would further confirm a recovery trend. A successful breakout could pave the way for buyers to target a potential rise to $0.0000105, followed by $0.000012.
Will Shiba Inu Price Plunge to $0.0000066?
If the overhead supply from resistance trendlines persists, the SHIB price may attempt another breakdown from the concentrated support region. Losing this foothold, would likely intensify the selling pressure and plunge this meme coin’s value to $0.0000076 or $0.0000066.
- Bollinger Band: A downtick in the lower boundary of the Bollinger Band indicator reflects the selling momentum in aggressive.
- Moving Average Convergence Divergence: A potential bullish crossover between MACD and the signal line indicates the buyers are fighting back at a crucial support of $0.0000085.
Related Articles:
- Shiba Inu Fuels Optimism As Burn Rate & Shibarium Scale Greater Heights
- Shiba Inu Price Prediction: Eyeing $0.00001486 Amidst Bullish Falling Wedge Pattern
- Crypto Price Prediction For January 28: BTC, AVAX, DOGE
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- BlockDAG Hype Surges as Coinbase and Kraken Listing Rumors Spread
- Bitget’s Institutional Volume Hits $23.1 Billion as UEX Framework Gains Global Momentum
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
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.
