Bitcoin has soared to a record high, reaching $52,500 in its latest valuation, signaling increased risk appetite and potential for gains among alternative cryptocurrencies (altcoins). This positive momentum has provided altcoins with the chance to break through significant resistance levels after a period of steady growth.
Shiba Inu (SHIB) on the Rise
Currently, Bitcoin is trading at $52,242, and the meme-inspired Shiba Inu is setting its sights on new heights with a price target of $0.00000981. The buoyant market mood is helping altcoins like AVAX, SOL, and ETH in their quest to reach new record prices. Shiba Inu has exhibited a stable uptrend since June and hit $0.0000120 in December 2023 before facing a sell-off due to ETF approval news. Although it experienced a downturn, breaking below the $0.0000092 support momentarily, it has since recovered, and indicators such as the RSI present a positive outlook for continued growth.
Forecasting Shiba Coin’s Trajectory
The daily and weekly chart analyses suggest a promising future for Shiba Coin, which recently broke out from a downward resistance trend on February 9th. The price now approaches a critical resistance zone, which, if conquered, could propel Shiba Coin approximately 30% higher to $0.0000125. This zone is marked by the 0.5 Fibonacci retracement, channel’s midpoint, and a horizontal barrier, with $0.0000100 being a key psychological level. Should Bitcoin maintain its strength, Shiba Coin could break through this resistance. However, if the price falls below $0.00000920, it may trigger a sell-off towards $0.00000800.