Shiba Inu price could rise 108% as whale activity surges, trading volume hits $66 million What’s next for SHIB?

Shiba Inu price is consolidating inside a symmetrical triangle after surging 67% between September 18 and September 27. In the days following this surge, lower highs and lower lows have been made, forming a symmetrical triangle that could break out in the direction of the previous trend. If this happens, SHIB price could see a 108% increase to $0.00003620.

On-chain and futures indicators predict Shiba Inu price

Data from IntoTheBlock (ITB) shows that the market value to realized value ratio (MVRV) increased from 0.89 to 0.96 between October 11 and 12, while the price remained unchanged. When this happens, it indicates that investors are holding onto assets and not selling, causing the market value to be higher than the realized value.

This ratio can also indicate a growing confidence that an asset will appreciate in the future, even if prices are not volatile at the moment. In addition, ITB shows that SHIB large-volume transactions increased by $66 million, or 46.79%, between October 11 and 12.

The Fear & Greed Index is currently at a neutral 50, indicating a balanced market mentality, highly correlated with cautious optimism about SHIB price changes. SHIB has been green half of the time (15 days) in the last 30 days, which also supports further developments in the future.

The Power of the Falling Wedge Pattern

For the past five months, SHIB has been in a falling wedge pattern, which is a chart pattern in technical analysis that typically trends toward strong bullish reversals. Therefore, this particular pattern of lower lows and lower highs has proven to be a trigger for a breakout.

The pattern is clearly evident in March 2024, with SHIB falling from its yearly high of $0.000045. According to Marks, this could be the breakout that propels the coin all the way up to $0.000081.

And with SHIB trading around $0.0000179 and moving higher, momentum could be on the horizon. Additionally, the coin’s 50-day and 100-day exponential moving averages (EMAs) are below the current price, indicating bullish sentiment.

SHIB is still trading above its 200-day simple moving average (SMA), indicating that it is in a long-term uptrend, although it is trading below its 50-day SMA, which is generally a bearish sign. The confluence of these indicators suggests that SHIB is in a stable state, although it has the potential to move further in either direction.

Support and resistance levels

The daily chart of SHIB shows a bullish breakout pattern after a symmetrical triangle formed. The meme coin has been consolidating inside the triangle since early October, suggesting a breakout could be imminent.

As the Shiba Inu price approaches the apex of the triangle, a breakout above the resistance trendline could trigger a sharp uptick.

Looking ahead, Shiba Inucoin has important support levels around $0.000017; resistance levels are at $0.000018 and $0.000019. The recent candlesticks are relatively small and ambiguous, indicating consolidation. However, these candlesticks often foreshadow major breakouts, especially within triangle formations. Overall, if the coin is able to break through these resistance thresholds, it could quickly achieve its desired target of $0.000081.

In the meantime, there is still room to grow, but traders and investors should continue to closely monitor price action as SHIB’s next move could either validate the breakout or spark further consolidation. However, given past trends and what looks like promising technical cues, it may only be a matter of time before SHIB breaks out to significant value soon.

SHIB price prediction, if the asset fails to break out of the symmetrical triangle to the upside, it could drop in the coming weeks and retest the $0.000016 area, in line with the Fibonacci extension and historical resistance from mid-August. As the cryptocurrency market continues to fluctuate, all eyes will be on the upcoming moves within this symmetrical triangle, so now is a critical time for potential investors to keep an eye on Shiba Inu.