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Following the approval of 11 spot Bitcoin (BTC) exchange-traded funds (ETFs), investor optimism continues due to the upcoming Bitcoin block reward halving and the expected approval of spot Ethereum (ETH) ETFs in May. However, the cryptocurrency market has largely declined from January 11 to January 23. As usual, Bitcoin led the decline, resulting in significant losses for altcoins. Memecoins were also affected by the downturn. Shiba Inu (SHIB), one of the most popular memecoins, along with Dogecoin (DOGE), Floki Inu (FLOKI), and Pepe (PEPE), could be on the verge of a rise to $0.011 due to a change in the direction of its futures trading.
TD Sequential Indicator Points to a Major SHIB Movement
According to cryptocurrency expert Ali Martinez, the technical indicator known as TD Sequential, which detects trend exhaustion and predicts the point of trend reversal, signaled the end of the downward journey for SHIB on January 30. Martinez shared the signal from his personal account, stating that the indicator provided a significant trend change signal for the popular dog-themed memecoin and proved to be a useful and sensitive tool for SHIB. The expert noted that the perpetual futures contracts represented by 1000SHIB could potentially rise to $0.010 or $0.011.
At the time of writing, the perpetual futures contracts offered for 1000SHIB were trading around $0.009. A rise to $0.010 or even higher to $0.011 would correspond to a significant rally of approximately 21.65%. It is important to note that the expert referred to the price of the perpetual futures contract for 1000SHIB for a potential climb to $0.010 or $0.011, which directly indicates that SHIB’s price could rise to $0.000010 or $0.000011 respectively.
Other Technical Indicators Signal a Sell for SHIB
Although the TD Sequential indicator is currently giving a buy signal for SHIB, technical indicators on the charting platform TradingView are presenting a sell signal for the memecoin. Based on the altcoin’s performance over the last 30 days, oscillators indicate “sell,” and moving averages generally signal a “strong sell.”
While the future price trajectory of SHIB remains uncertain, the altcoin has been mostly on a downward trend since the beginning of 2024 and even since the beginning of 2023. Despite several short rallies over the last 52 weeks, the price of the memecoin has dropped by 23.17%.
The last 30 days tell a similar story, with SHIB facing a 14.51% drop. A closer look at the altcoin’s price chart reveals a strong downward trend, which became more pronounced with a 2.37% drop in the last 24 hours. Nevertheless, Shiba Inu has slightly changed its trajectory over the last 7 days, with a very limited increase of 0.78% during this period.
