Though investor optimism persists due to the approval of multiple spot Bitcoin (BTC) exchange-traded funds (BTC ETFs), the upcoming Bitcoin halving, and the expected approval of Ethereum (ETH) ETFs, 2024 has started off with a major downturn in the crypto market.
Indeed, the red tide since January 1 has been almost universal and has swept most noteworthy cryptocurrencies, but in the crypto market, things tend to change fast. Nowhere is this more true than with the so-called meme coins – known to surge and fall hundreds and thousands of percent within hours and days.
Shiba Inu (SHIB), which, together with the likes of Dogecoin (DOGE), Floki Inu (FLOKI), and Pepe (PEPE), is one of the most popular meme coins, might now be likely to see its contracts change course and surge – possibly all the way to $0.011.
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Technical indicator signals massive SHIB surge incoming
A well-known technical indicator known as TD Sequential – a tool that seeks to detect trend fatigue and, thus, predict a point when one will reverse – signaled on January 30 that SHIB is poised to end its downward path, according to the prominent crypto expert Ali Martinez.
Writing on X, Martinez explained that so far, TD Sequential has proven to be a ‘remarkably precise’ tool when it comes to predicting the upcoming trends of the popular dog-themed cryptocurrency. The expert added that it is possible that perpetual contracts representing 1,000 SHIB tokens could potentially surge as high as $0.010 or $0.011.
Given that 1,000 SHIB token contracts are trading around $0.009 at the time of publication, a surge to $0.010 would be notable, and a surge to the higher target – $0.011 – would constitute a significant rally of approximately 21.65%.
Therefore, when the chart or the expert suggests a potential climb to $0.010 or $0.011, he is referring to the contract price for 1,000 SHIB tokens. This would suggest that the price of a single token might reach $0.000010 or $0.000011, respectively.
Technicals advise selling SHIB despite the buy signal
While the TD Sequential indicator issued a buy signal for SHIB, the meme coin is still, based on technical analysis (TA) retrieved from TradingView, considered a sell.
Indeed, based on the cryptocurrency’s performance over the last 30 days, Oscillators point towards a “sell” and moving averages, overall, as a “strong sell.”
SHIB price analysis
While SHIB’s future fortunes remain uncertain, the cryptocurrency has been trading mostly downward since the start of 2024 and even since the start of 2023. In the last 52 weeks, despite several brief rallies, the meme coin is 23.17% in the red.
The last 30 days tell a similar story, as SHIB declined 14.51% in the timeframe. Zooming even further in, its strong downtrend becomes ever more evident as it declined 2.37% in the last 24 hours. Despite this, Shiba Inu changed its trajectory slightly in the last 7 days and is 0.78% in the green for the period.
Finally, despite the long downturn, it remains one of the world’s most popular meme coins and is the 17th cryptocurrency by market cap.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
