Shiba Inu faces a crucial technical test as it trades below key moving averages. An analyst flags $0.00000667 as a vital support level. February price projections suggest a potential for moderate upside if that support holds, though the broader trend remains bearish.
Shiba Inu (SHIB) is trading at a critical juncture that will determine its price trajectory for February. The coin is currently valued at $0.000006929, trading below its major moving averages and indicating a persistent bearish trend.
Price data shows SHIB has failed to reclaim the $0.0000078-$0.0000079 resistance range. Its Relative Strength Index (RSI) has fallen into the mid-30s from over 50, signaling weakening momentum and potential support loss.
Crypto analyst Ali Charts has identified a crucial support level. “SHIB can only maintain a bullish outlook if it can stay above the $0.00000667 critical support level,” the analyst stated on X (formerly Twitter). A break below this level could accelerate a decline toward a historical demand zone.
Forecasts for February suggest a possible, though limited, recovery if support is maintained. Projections indicate a trading range between $0.00000671 and $0.00000788, with an average price near $0.00000710.
This represents a potential 14.37% monthly increase, according to CoinCodex data. The coming period is seen as a critical turning point for the meme cryptocurrency.
