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Why SHIB Could Peak At $0.0001 In March? – Crypto News

Published

1 year ago

February 29, 2024

Dripp

Shiba Inu Coin, the second most prominent meme coin, has been on the move this week, rallying in tandem with Bitcoin. As BTC peaked close to $64,000 on Wednesday, SHIB topped out at $0.0000147. Shiba Inu Coin price is up by a staggering 135% from its 2023 low of $0.0000059 to trade at $0.000014 during US business hours on Thursday.

Levels To Watch As Shiba Inu Coin Price Picks Up The Pace

Shiba Inu Coin maintains a positive outlook despite the burn rate falling 100% to zero. According to the Shib burn website, no coins have been burned in the last 24 hours, keeping the circulating supply at 581 trillion tokens.

The token burn stands out as one of the most elaborate in the crypto industry with 410 trillion SHIB removed from supply so far. Despite this impressive achievement, Shiba Inu is still among the projects with the largest token supplies believed to be holding it back from rallying to record highs and beyond.

Key projects like the layer 2 scaling solutions, and Shibarium are also contributing to the burn program.

Meanwhile, the path of the least resistance flipped upwards after SHIB pushed past the descending trend line resistance, as shown on the daily chart. While the token was bullish before this breakout, congestion at $0.00001 initially kept SHIB consolidation between support highlighted by the 200-day Exponential Moving Average (EMA) at $0.0000092.

Shiba Inu Coin price chart | Tradingview

The Moving Average Convergence Divergence (MACD) indicator backs the rally flaunting a buy signal since the beginning of February.

Intraday traders are looking forward to Shiba Inu Coin closing the day above $0.000014 – a current immediate resistance. Should this level hold as support, more investors would be compelled to buy speculating further price increases to $0.00002.

Increasing the buying pressure would play a huge role in upholding the rally, considering the possibility of a retracement due to a potential double-top pattern around $0.000015.

Shiba Inu unsuccessfully tested this resistance one year ago in February which was followed by a massive sell-off to $0.0000059. If defeated, SHIB has the potential to rally aiming for $0.0001. A dollar cost average (DCA) strategy will also come in handy in case of corrections.