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Shiba Inu is expected to erase one zero after its decimal point this month following an impressive surge of nearly 8% in the past week.
Shiba Inu has been struggling to delete a zero for most part of the year. Recall that the canine-themed token plunged below the $0.00001 price level on January 12. Since then, it has struggled to breach the resistance around this point.
Shiba Inu Involvement in Latest Relief Rally
However, Shiba Inu looks set to break this resistance following its recent price surge. Data from CoinMarketCap shows that Shiba Inu is partially involved in the current relief rally witnessed across the crypto market.
The 19th-largest cryptocurrency by market capitalization is up nearly 8% on the weekly chart and 4.9% in the past two weeks. However, Shiba Inu is down 0.8% in the past 24 hours amid the slight market correction. At the time of writing this line, SHIB was changing hands at $0.00000952.
SHIB Could Hit $0.00001 This Month
Investors continue to await a breach above the psychological resistance at $0.00001. Popular crypto aggregator platform CoinCodex speculated that Shiba Inu will finally erase one of the zeros after its decimal point this month.
According to CoinCodex, the price of the canine-themed cryptocurrency might surge to $0.00001019 on February 21, 2024. This translates to a 7.03% increase from the current price.
In a similar development, Changelly expects Shiba Inu to eliminate a zero from its price this month. Per its report, Changelly predicted that SHIB would hit a price of $0.00001020 on February 20, marking an increase of 7.14% from the current price.
Shiba Inu Performance Clears the Path in Push Towards $0.00001
As reported earlier, Shiba Inu achieved a significant milestone this month after breaking a multi-month downward trendline. This came after it recorded five consecutive intraday gains.
The last time Shiba Inu broke the downward trendline in October, it rallied by 73% to $0.00001195 on December 17. Following the recent breakout, market analysts expect Shiba Inu to embark on a similar rally.
The condition of the broader crypto market would determine whether these predictions would come to fruition. An unfavorable market condition might spell doom for SHIB’s price and vice versa.
In the meantime, the global crypto market cap is up 1.8% in the past 24 hours, having recently crossed the $2 trillion as Bitcoin’s break above $51,000 triggers a market-wide rally.