Shiba

2024

Impact

when

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-shib-price-dynamics-and-bitcoins-influence/" data-wpel-link="internal">Shiba Inu (SHIB) Price Dynamics and Bitcoin’s Influence</a> 
The second-largest meme token, Shiba Inu (SHIB), has been experiencing a stagnant price movement over the past two weeks. SHIB’s daily charts do not reflect any clear victories for bulls or bears in this momentum. 
<h2 id="shib-s-trend-lines">SHIB’s Trend Lines</h2> 
However, when looking at experts’ daily timeframe analyses, it can be seen that the Shiba Inu price has reached two critical levels that are approaching a decisive breakout. The Shiba Inu price is narrowing within two converging trend lines that act as dynamic resistance and support. The first is a descending trend line that governs the current correction trend, which helped sellers push the price from $0.00001195 to $0.000009, recording a 24.5% loss. 
The second is an ascending trend line that encourages buyers to regain upward momentum during market dips. At the time of writing, the SHIB price is trading at $0.00000914, close to the apex of the converging trend lines. Therefore, it seems likely that the token’s price could break through any of these. A breakout from the general trend line could signal the end of the correction and potentially increase SHIB’s value by 18% to $0.0000106. However, a breakdown from the lower trend line could extend the correction to $0.00000776 and then to $0.0000066. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310552 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/shib.png" alt="" width="1814" height="772"> 
<h2 id="bitcoin-s-impact-on-shib">Bitcoin’s Impact on SHIB</h2> 
The <a href="https://en.coin-turk.com/spot-bitcoin-etf-approval-when-will-it-happen/" data-wpel-link="internal">Bitcoin</a> halving event expected to occur in 2024 is creating a wave of optimism within the crypto community. Historically, halving events have been catalysts for exponential increases in Bitcoin’s price. However, the optimism in the market could have a gradual effect on the broader cryptocurrency market, including top altcoins like Shiba Inu (SHIB). 
BTC’s potential rally could lead investors to diversify their gains into other cryptocurrencies with a proven history of high returns during bull markets. Additionally, the SHIB price has a higher potential for an upward breakout and is reported to have regained a sustainable position above $0.00001 in February. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-shib-price-dynamics-and-bitcoins-influence/" data-wpel-link="internal">Shiba Inu (SHIB) Price Dynamics and Bitcoin’s Influence</a></h5>

Shiba Inu (SHIB) Price Dynamics and Bitcoin’s Influence

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