The Altcoin Market Strengthens Against Bitcoin Dominance
The altcoin market is gaining strength against Bitcoin dominance, which currently stands at 51.3% of the total market cap. Following the approval of the first spot BTC ETF in the US, many altcoins, including Shiba Inu Coin (SHIB), experienced significant dumps. This resulted in some investors counting losses.
Watch Out for a Potential Breakout in the Altcoin Market
Crypto trader @ChiefraFba advises investors to keep an eye on a potential breakout above resistance at $745 billion in the altcoin market cap. This level has been tested multiple times in the past week, and a breakout from a 3-week trendline resistance seems likely.
Shiba Inu Coin Price Correction and Rebound
Shiba Inu Coin price corrected sharply from its December highs to $0.0000085 but could soon recover if bulls manage to push it above $0.00001.
Shiba Inu Coin Price Prediction: Can SHIB Extend Rebound Past $0.00001?
With a market capitalization of $5.3 billion, Shiba Inu Coin is currently the 19th largest cryptocurrency. It has a strong community supporting various products in its ecosystem, such as ShibaSwap and Shibarium. The coin’s widespread availability across exchanges also contributes to its advantage.
The increasing trading volume of $72 million within 24 hours reflects growing interest among traders. Shiba Inu Coin has the potential to reach higher levels this week, supported by an ascending trend line. However, for a significant upward trajectory, it needs to establish higher support at the 200-day Exponential Moving Average (EMA).
The bullish crossover in the Relative Strength Index (RSI) indicates a potential breakout, and consolidation between the green and red bands may occur before the breakout. Support areas at $0.000008 and $0.00007 can provide stability in case of overhead pressure.
Hot Take: Shiba Inu Coin’s Rebound Potential
Despite its recent correction, Shiba Inu Coin shows signs of a rebound as it aims to surpass $0.00001. With a strong community and increasing trading volume, the coin has the potential to make significant gains. However, it needs to establish higher support levels and overcome resistance to solidify its upward trajectory. Traders should monitor key indicators like the RSI for confirmation of a breakout and be prepared for potential consolidation periods. Overall, Shiba Inu Coin’s performance in the altcoin market will be closely watched in the coming weeks.
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