Shiba Inu Price, the second-largest meme coin with a market capitalization of $5.36 billion, is poised for a bullish breakout this month. With expectations of a market recovery rising in February and a proven performance throughout the year, altcoins, especially meme coins, are gearing up for a bull market.
However, SHIB price continues to spiral downward in a descending wedge pattern, challenging the lower support level at $0.0000090. Due to the volatile and bearish decline on the daily chart, we instructed Trend ChatGPT to predict a bullish breakout and a potential uptrend rise.
SHIB price is currently trading at $0.00000910 with a slight but positive intraday movement. Additionally, a reversal of the 200-day EMA stimulates the Morning Star pattern, solidifying the reversal point.
A bullish reversal in the 200-day EMA could break the falling wedge pattern and fuel a supersonic rally.
Additionally, a downward trend in intraday volume during a pullback phase increases the likelihood of a breakout phase.
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ChatGPT Supports Bullish Breakout Rally
According to ChatGPT, a breakout rally could boost the bulls and help the February 2024 SHIB price target of $0.00002105.
Conversely, a plunge below $0.0000090 could change the price dynamics and potentially lead to a bearish reversal.