A potential bullish crossover between the 50-and-100-day EMA strongly supports the narrative of the SHIB price breakout. However, it is crucial to note that the historical trend demonstrates 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 a bearish reversal remains intact. Certain factors, such as a renewed selling pressure at the $0.00002 resistance level, could lead to extended consolidation, delaying the expected rally.
With the crowd anticipating Bitcoin’s $70K breach, traders are focusing on high-leverage speculative meme coins like Dogecoin and Shiba Inu, while the layer-2 coins, such as Arbitrum and Optimism, are being largely overlooked. Do your market research before investing in cryptocurrencies. Source: [original source]
Shiba Inu Price Surges with Uptober Rally Sentiment
The Shiba Inu price surged 2.7% to reach $0.000018 during Friday’s trading session, fueled by the restoration of Uptober rally sentiment and Bitcoin nearing $70,000. He continues to explore opportunities driven by his passion for trading, particularly in the emerging realm of cryptocurrency.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. The author or the publication does not hold any responsibility for your personal financial loss. Sahil Mahadik, a full-time trader with over three years of experience in the financial markets, keeps a vigilant eye on the daily price movements of top assets and indices. The cryptocurrency’s price is forming a well-known reversal pattern called Inverted Head and Shoulder (In H&S), signaling the end of a correction and potentially massive rally ahead.
Since mid-June, the Shiba Inu price prediction has demonstratecased a sideways trend, struggling to surpass $0.00002. However, an analysis of the daily chart reveals this consolidation as forming an Inverted Head and Shoulder pattern. The chart pattern, characterized by three troughs, indicates the asset has witnessed 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.
A successful flip above the overhead resistance will accelerate the bullish momentum and set this dog-themed memecoin for a promising 48% rally to hit $0.00003.
