The Potential Impact of Bitcoin Breaking $50,000 on Shiba Inu Price in February

Shiba Inu (SHIB) Price Analysis: Will It Surpass $0.00001?

The long-term trend in SHIB is bearish due to a falling channel pattern. However, a bullish breakout from the resistance trendline could spark a recovery trend. The 24-hour trading volume on Shiba Inu is at $75.3 Million with a 23% loss.

As mentioned earlier, the Shiba Inu price is narrowing within two converging trendlines that act as dynamic resistance and support. The downsloping trendline governs the current correction trend, while the ascending trendline supports buyers during market dips. At present, SHIB price trades at $0.00000914 and is close to the apex of 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 optimism within the crypto community. Halving events have historically caused exponential surges in Bitcoin’s price.

This market optimism could have a cascading effect on the broader cryptocurrency market, including altcoins like Shiba Inu. Investors who profit 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.

Therefore, SHIB price holds the potential for an upside breakout and could regain a sustainable position above $0.00001 in February.

Technical Indicator:

Moving Average Convergence Divergence (MACD): 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 an active correction trend.

Hot Take: Shiba Inu (SHIB) Stuck in Consolidation Phase, Breakout Imminent

Shiba Inu (SHIB) has been experiencing a stagnant price movement for the past two weeks. The daily chart shows no initiation from bulls or bears at the moment. However, the coin’s price has respected two crucial levels, indicating a decisive breakout is nearing. The bearish long-term trend is being influenced by a falling channel pattern. But if SHIB can break out from the resistance trendline, it could spark a bullish recovery trend. With Bitcoin’s upcoming halving event creating optimism in the market, SHIB holds the potential for an upside breakout and could regain a sustainable position above $0.00001 in February.