The Shiba Inu price surged 2.7% during Friday’s trading session to reach $0.000018. The bullish narrative is fueled by restoring Uptober rally sentiment as Bitcoin climbs toward $70,000. With the formation of the famous Inverted Head and shoulder pattern, the SHIB price signals the end-of-correction and massive rally ahead.
Shiba Inu Price Poised for a 48% Rally with the End-of-Correction Pattern
Since mid-June, the Shiba Inu price prediction has showcased a sideways trend, struggling to surpass the $0.00002 barrier. However, an analysis of the daily chart displays this consolidation as forming a well-known reversal pattern called inverted head and shoulder.
The chart pattern characterized by three troughs indicates the asset witness demand pressure at the bottom support. Amid October’s rally, the SHIB price rebounded from $0.00001552 to $0.0000187, accounting for 21.2% growth, while the market cap surged to $11.04 billion.
If the pattern holds true, the Shiba Inu price is poised for another 8% surge to challenge the $0.00002 neckline resistance of the In H&S pattern. Theoretically, this pattern establishes a predetermined target by measuring the distance from the middle trough to the neckline. This measurement is then applied from the breakout point to project the potential upward movement.
If the pattern holds true, the SHIB price is set for another 8% surge to challenge the $ 0.00002 neckline resistance of the In H&S pattern. A successful flip above the overhead resistance will accelerate the bullish momentum and set the dog-themed memecoin for a promising 48% rally to hit $0.00003.
SHIB/USDT -1d Chart
A potential bullish crossover between the 50-and-100-day EMA strongly supports the narrative of the SHIB price breakout.
Trader Attention Shifts to Meme Coins as BTC Targets $70K
According to santiment analysis, the meme coins such as Dogecoin and Shiba Inu are drawing the most attention from traders, with social discussion rates reaching their highest levels in five months.
As the Bitcoin price heads to $70,000, speculative traders are increasingly focusing on high-leverage meme coins. However, the layer-2 coins, such as Arbitrum and Optimism, are being largely overlooked.
However, the historical trend shows that crypto assets often move in the opposite direction from the major market sentiment. Therefore, the top meme coins may prolong their current recovery, but the risk of bearish reversal remains intact.
With the crowd anticipating Bitcoin’s $70K breach soon, traders are doubling down on high leverage speculative meme coins, where their discussion rates are at their highest level in 5 months. Meanwhile, L2’s like Arbitrum and Optimism are being ignored. Speculative coins can… pic.twitter.com/46wIXaoHZ7
— Santiment (@santimentfeed) October 18, 2024
If the Shiba Inu price witnessed renewed supply pressure at $0.00002, the sellers could force the asset for an extended consolidation.
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