Shiba Inu price reached $0.000018, representing a 2.7% gain in Friday’s trading session. The move has revived bullish sentiment Uptober as Bitcoin $68,379 approaches $70,000. The formation of the famous Inverse Head and Shoulders pattern suggests that the price correction is over and a significant rally is imminent.
Shiba Inu prices set to rise 48% after correction
Since mid-June, the Shiba Inu price prediction has been showing a sideways trend, struggling to stay above the $0.00002 level. However, an analysis of the daily chart shows that this consolidation is a pattern known as an Inverted Head and Shoulders.
Characterized by three dips, this chart shows demand pressure at the asset's lower support level. During the October rally, the price of SHIB rose from $0.00001552 to $0.0000187, marking a 21.2% increase and bringing the market capitalization to $11.04 billion.
Traders Turn Focus to Meme Coins as BTC Aims for $70,000 Target
According to Santiment analysis, meme coins like Dogecoin and Shiba Inu have reached their highest social discussion in five months, attracting significant attention from traders.
As Bitcoin prices trend towards $70,000, speculative traders are increasingly focusing on highly leveraged meme coins. However, layer 2 coins like Arbitrum and Optimism are largely ignored.
That said, historical trends show that crypto assets often move against the broader market sentiment. As such, top meme coins may maintain their current rally, but the risk of a bearish reversal remains.
If Shiba Inu price encounters fresh selling pressure at $0.00002, sellers could push the asset into an extended consolidation phase.
The current technical formation and market momentum suggest that the Shiba Inu coin could have significant upside potential in the near future. However, given the high volatility of the cryptocurrency market and the potential for a correction, caution is warranted by traders. The growing interest in meme coins presents additional opportunities amid broader market uncertainty, but also carries inherent risks.