The cryptocurrency market has experienced a general downturn since January 11, with Bitcoin‘s fall precipitating losses across altcoins, including memecoins like Shiba Inu (SHIB). Despite the market slump, investor sentiment remains buoyed by the anticipation of Bitcoin’s halving and the potential approval of Ethereum ETFs.
Indications of a SHIB Price Increase
Ali Martinez, a cryptocurrency expert, pointed out that the TD Sequential indicator has signaled a possible end to SHIB’s price decline as of January 30. This technical tool, known for identifying trend reversals, suggests SHIB could rise to $0.011, with futures contracts for 1000SHIB currently trading around $0.009.
An increase to $0.010 or $0.011 for 1000SHIB futures contracts would represent a significant rally. The expert’s analysis is based on the perpetual futures contract price, implying a direct impact on SHIB’s spot price, potentially reaching $0.000010 or $0.000011.
Despite the optimistic TD Sequential indicator, other technical indicators on TradingView suggest a sell signal for SHIB. Oscillators are indicating “sell,” and moving averages are pointing towards a “strong sell,” reflecting the coin’s performance over the last 30 days.
SHIB’s future price direction remains uncertain, with a general downtrend since early 2023. The last month saw a 14.51% decline, and despite a slight uptick over the past week, the overall trend for the memecoin has been negative.