The king cryptocurrency reached a new peak during its latest daily close and climbed up to $52,500 today. This development, which increased the appetite for risk in altcoins, now paves the way for daily gains of up to 5%. The recent BTC movement has provided the necessary opportunity for altcoins to overcome tough resistances, following a gradual rise we have observed for several days.
Shiba Inu (SHIB)
As this article is being prepared, BTC is finding buyers at $52,242, and Shiba Coin is targeting new highs at $0.00000981. The positive sentiment in the overall market has created an environment conducive to overcoming resistances across altcoins. Altcoins like AVAX, SOL, ETH are also searching for new peak points.
Since June, Shiba Coin has been moving within a rising parallel channel and reached a peak of $0.0000120 in December 2023. Subsequent profit-taking and a sell-the-news event triggered by ETF approval prevented a higher peak.
Even though the decline continued until the loss of the support level at $0.0000092, the subsequent recovery invalidated this breakdown, and the price is now at its current level. Moreover, the RSI is positive and continues to rise along with the price, giving bulls hope.
Shiba Coin Price Prediction
The readings on the daily chart are promising for a rise, similar to those on the weekly chart. Here we see that the price broke out from the descending resistance line on February 9th. This supports the upward targeted scenario.
Shiba Coin’s price is currently preparing to overcome a strong resistance area formed by the 0.5 Fib retracement resistance level, the channel’s midline, and a horizontal resistance area. The resistance at $0.0000100 is also psychologically significant. Whether the bullish scenario will materialize will be determined by the price’s reaction at this critical decision point.
If BTC continues to stay strong and consolidates in the current range, Shiba Coin bulls may find the strength to break the resistance and carry the price to the approximately 30% higher target of $0.0000125. Despite this bullish forecast, a break below $0.00000920 could lead to sales down to $0.00000800.
