The second largest meme coin has surpassed the $0.000007 level once again. The rise of BTC is supporting the bulls. However, coins like SOL, BSV, or LINK Coin have not seen double-digit increases. What is the reason for this? We examine the price expectations along with the current Shiba Coin predictions. How much will Shiba Coin be worth?
Meme coins are not receiving massive attention these days, and Shiba Coin’s volume has remained weak. However, while BTC bulls are in action, SHIB investors can turn short-term recovery into a long-term bullish movement. Rising candles on the daily chart and RSI reaching the neutral zone support the possibility of price increase.
At the time of writing, Shiba Coin is trading at $0.000007, and its first major target is at $0.0000075. This will provide an important opportunity to reverse the long-standing downtrend. As the CMF data is currently in the negative zone, capital inflow does not support the expectation of price increase.
We see an increase in short positions by futures traders. This indicates that there is still a high possibility among investors for BTC to repeat what it has been doing for months and return to where it started. The critical threshold for BTC is $30,650, and with closings above this level, Shiba long positions can become dominant in futures trading again.
BTC is finding buyers at $30,122 at the time of writing.
The daily chart suggests that if there is going to be a recovery, the price could set $0.0000066 as the local bottom and target $0.000011. For this, the price needs closings above the $0.0000075 resistance area. Afterward, the $0.0000085 resistance will be one of the strongest obstacles for the bulls to overcome.
In the long-term bullish scenario, closings above $0.000001186 can lead to a retest of the $0.000001579 peak. Of course, for all of this to happen, the price of BTC needs to experience much more significant increases and see closings at higher peaks. Today’s weekly closing of BTC will be crucial for altcoins.
With no significant developments concerning cryptocurrencies on Monday and Tuesday, the extension of rallies is possible with a good daily closing for BTC. BTC closed the daily candle at the level of $29,900 on the last day and should stay above it.