Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been witnessing a stagnant price movement for the past two weeks. The daily chart projecting short candles and longer wicks reflects no initiation from bulls or bears at this momentum. However, a look at the daily time frame chart reflects Shiba Inu price has respected two crucial levels that are nearing a decisive breakout.
Is SHIB Ready to Surpass $0.00001?
The long-term trend in SHIB is bearish under the influence of a falling channel pattern.
A bullish breakout from the resistance trendline will spark a bullish recovery trend
The 24-hour trading volume on the Shiba Inu is at $75.3 Million with a 23% loss.
Shiba Inu Price| TradingView Chart
As Coingape mentioned in its earlier article, the Shiba Inu price is narrowing within two converging trendlines which act as dynamic resistance and support. First- the downsloping trendline governs the current correction trend and assisted the sellers in a price fall from $0.00001195 to $0.000009, registering a 24.5% loss.
Second- the ascending trendline which bolsters buyers to recuperate the bullish momentum during market dips. By press time, the SHIB price trades at $0.00000914 and is close to the apex on the converging trendlines.
Thus, the coin price is likely to break either of them. A bullish breakout from the overhead trendline will signal the end of correction and surge the SHIB value by 18% to hit $0.0000106. However, a breakdown from the lower trendline will prolong the correction to $0.00000776, followed by $0.0000066.
Is SHIB Price Ready for Uptrend?
Bitcoin’s upcoming halving event, expected to occur in 2024, is creating a wave of optimism within the crypto community. Historically, halving events have been catalysts for exponential surges in the Bitcoin price.
However, the market optimism could have a cascading effect on the broader cryptocurrency market, including top altcoins like Shiba Inu (SHIB). Investors who realize profits from BTC’s potential rally might look to diversify their gains into other cryptocurrencies with a proven track record of high returns during bull markets.
Thus, the SHIB price holds a higher potential for an upside breakout and regains a sustainable position above $0.00001 in Feb.
Technical Indicator:
Moving Average Convergence Divergence: A bullish crossover between the MACD (blue) and the Signal (orange) slope indicates the buyer’s attempt to regain control.
Supertrend: A red screen in the Supertrend indicator reflects the correction trend is active.
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