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ETH 
SHIB SHIB returns to the hot list, analysts are bullish on the breakthrough
meme coin SHIB, which has gained widespread attention in the cryptocurrency market, has recently returned to the hot list of several price aggregation platforms. Market data show that SHIB recently broke through the $0.0000500 mark, supported by increased activity of long-term holders and increased destruction of tokens. Analysts also pointed out that the price trend of Zaiincoin is still closely following the movement of Ethereum (ETH), the second largest blockchain network in the world.
Key Support Level and Price Breakthrough Scenario
After spending most of the summer below $0.0000500, Shibaigin has now established $0.0000532 as a key support level, which technical indicators indicate is the current super trendline. Although the short-term price chart still shows a mixture of long and short signals, the daily candle chart shows a clearer pattern of further price movements.
Technical analyst Gopal recently pointed out that the daily chart of SHIB is forming a triangle between the convergent trend lines. The US$0.0000600 to 0.0000700 range is considered a potential breakthrough area and is closely watched. "Volatility is narrowing, suggesting a bigger market may be brewing," Gopal said. He outlined two main scenarios for the trend of SHIB.
Gopal emphasized: "Volatility is narrowing, suggesting that a bigger market may be brewing. The range of US$0.0000600 to US$0.0000700 on the SHIB daily chart is a key breakthrough area." If the pattern breaks upward, SHIB may target levels around US$0.0000900 in early February. However, if it breaks downwards, the coin may test the US$0.0000400 support box. If this support falls, the next major support level will be US$0.0000300. Analysts believe these lower price areas could attract institutional investors and high-net-worth investors seeking strategic entry points.
Specifically, in the upward breakthrough scenario, the target price is US$0.00000900 (level in early February); in the downward breakthrough scenario, the middle support level is US$0.0000400, and the lower support level is US$0.0000300.
Market Dynamics and Technical Indicators
The Flow of Funds Indicator (CMF), a measure of trading pressure, turned positive last Friday. The shift comes amid renewed optimism after a major meeting in the cryptocurrency market, indicating increased demand for SHIB. The influx of money into the altcoin has also pushed SHIB close to its breakthrough range, with the latest trading price of the coin at approximately US$0.0000555. Market analysts view these trends as cautiously bullish signals, especially as the SHIB is consolidating within a technical triangle pattern.
In the next few days, the trend of Shiba Inu may attract much attention, as price fluctuations within the current consolidation range may provide early signals for the meme coin's next major direction decision.
Mini Dictionary: The Flow of Funds Indicator (CMF) is a technical analysis indicator that identifies buying or selling pressure on assets by measuring the volume-weighted average of calls and distributions over a specific period of time.
