Bitcoin continues its struggle to maintain the $48,000 level, but the agenda for this week is quite busy. The U.S. inflation figures, one of the most important macroeconomic data of February, will be announced. Meanwhile, we will see statements from Federal Reserve members throughout the week. So, is Shiba Coin on the rise? What do current price predictions and comments indicate?
Shiba Coin Commentary
Risk assets have been on the rise for a while, and the S&P 500 Index has gained for five consecutive weeks. The latest earnings reports have been positive for big tech companies, which has also lifted the mood in the index. Brands worth a trillion dollars or close to it are increasing optimism. This, of course, has supported cryptocurrencies due to the positive correlation.
BitMEX Research data indicates that as of February 9, excluding GBTC, ETFs saw an inflow of $2.7 billion. Over approximately a month, ETF managers’ Bitcoin reserves, again excluding GBTC, rose to $10 billion. In addition to all this, the decline in GBTC outflows to $51.8 million has pushed the Bitcoin price upward.
Shiba Inu, the second-largest meme coin by market value, is currently trading at $0.00000927 and has reclaimed a key area with BTC’s recovery.
Is Shiba Coin a Buy?
Yesterday, the number of active users on the Shibarium network climbed from 505 on February 10 to 732. However, the number of new addresses has not seen a similar increase. So, a Shibarium-supported surge is not yet on the table.
But the Shiba Coin price could rise due to the overall improvement in market sentiment. Moreover, as the excitement in alternative meme coins wanes, we could see an increase in demand for Shiba Coin and DOGE. Even though it continues the day with a 1.6% decrease, BTC price still remains above $48,000, which could lead to an increase in Shiba Coin.
For the short-term uptrend to continue, we need to see closes above $0.00000921. The price has been above the mid-area of the parallel channel it has been in for a long time. The first target could be a test of $0.00001050 with bulls accelerating above $0.00000991. Above this, there is a resistance area at $0.00001142.
Closures above the resistance area could end the long-standing negativity and a return to the former glory days with a breach of the $0.00001571 peak is possible.