Amid the broader crypto market recovery, Shiba Inu coin secured strong support at $0.0000085, leading to a notable 9% increase to reach a peak of $0.0000096. Despite this uptick, the overall altcoin market experienced a slowdown in momentum due to lingering doubts about Bitcoin’s ability to maintain its position above the $50k threshold. With this uncertainty, the SHIB price is at risk of 4% drop this week but there’s a catch.

Also Read: “DOGE And SHIB”: Can SHIB Go as high as DOGE?

Will SHIB Price Regain $0.00001 in Feb? 

Shiba Inu Coin| tradingview

The past four months’ trajectory in Shiba Inu price is still bullish under the influence of an ascending trendline. A look at the daily time frame chart shows this memecoin has rebounded at least thrice from this dynamic support indicating a crucial accumulation point for investors. 

The SHIB Price currently trades at $0.00000925 and with an intraday loss of 1.7%, it teases a breakdown below minor support of $0.0000092. This breakdown could plunge the prices by 4.3% to hit the aforementioned support trendline.

If the demand pressure at this support persists, the Shiba Inu coin witnessed a notable reversal to $0.0000105, projecting a potential gain of 14%.

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

Is Shiba Inu Coin Ready For Sustainable Growth?

Shiba Inu Coin| tradingview

An analysis of the broader time frame shows that the SHIB price is following a steady downtrend under the influence of a falling wedge pattern. This chart setup active for nearly 2 years indicates the asset continues to witness selling pressure on a bullish bounce.

The anticipated rally to $0.0000105 should provide buyers another opportunity to escape the range of wedge patterns. This breakout will give a better signal for trend change in the Shiba Inu coin.

Exponential Moving Average: The long-term EMAs(100 and 200) accentuate the current market trend is sideways.
Moving Average Convergence Divergence: A bullish crossover between MACD and the signal line indicates the short-term trend is reflecting a positive outlook.

Related Article: Crypto Headlines of The Week: Bitcoin, Solana, & Shiba Inu Fuels Inferences

The post Key Support Levels for Shiba Inu Coin to Ensure Bullish Stance appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am