MEXCAnalyst Predicts Shiba Inu Price to End 8-Month Correction; Is $0.00004 Rally Close?
Highlights
- Crypto analysts predict a bullish breakout for Shiba Inu price as it nears the apex of an 8-month accumulation triangle pattern.
- A symmetrical triangle pattern drives the current sideway trend in the Shiba Inu coin.
- The SHIB price is 10% away from escaping the 8-month correction trend.
The crypto market has witnessed a bearish turnaround ahead of the U.S. presidential election. As Bitcoin price dives below the $70,000 threshold, most major altcoins, including popular memecoin coin SHIB, showed renewed selling pressure. However, crypto analysts predict this pre-election pullback could recuperate the bullish momentum and drive a major breakout from the Shiba Inu price 8-month correction.
Analyst Predicts Shiba Inu Price Breakout After 8-Month Correction: $0.00004 Possible?
In a recent tweet, market analyst CryptoZeybek signals an impending breakout for Shiba Inu price amid the U.S. presidential election 2024. His analysis of SHIB’s daily chart showcases an active price consolidation trend between two converging trendlines, indicating the formation of a symmetrical triangle pattern.
Theoretically, this pattern leads to a temporary sideways movement, allowing the prevailing trend to regain momentum and potentially trigger a sustained breakout. Amid the pre-election pullback, the SHIB price plunged from $0.0000198 to $0.000017, registering a 13% drop.
However, several market analysts predict the U.S. election result to be highly bullish for the crypto market if a crypto-friendly candidate is elected. Thus, the current reversal could be a final dip before an accelerated market rally.
If the theory holds true, the SHIB price could bounce 11.5% up to challenge the Triangle resistance at $0.0000114. A potential breakout from this barrier would conclude an eight-month correction and drive a major rally for Shiba Inu price prediction.
According to the triangle pattern, this dog-themed memecoin could aim for a potential target of $0.000021, followed by $0.00003, followed by $0.000045.
For a detailed analysis, check out the top meme coins article.
SHIB Supply on Exchanges Drops as Whales Increase Holdings
According to santiment data, the SHIB supply on exchange has witnessed a drastic drop from 158.75 trillion coins to 145 trillion coins in the last 5 months. This significant decrease implies that more investors are moving their SHIB holdings off exchanges and into private wallets, often a signal of reduced selling pressure and increased long-term holding sentiment.
Moreover, the Shiba Inu supply held by top addresses has gradually increased since April 2024, reaching 61.4% with the crypto market today. This implies that larger investors or “whales” are accumulating more SHIB, which can be seen as a sign of confidence in the token’s long-term potential.
However, if the marker sellers continue to defend the overhead resistance trendline, the Shiba Inu price could delay its bullish breakout.
Frequently Asked Questions (FAQs)
1. What are the potential price targets if Shiba Inu breaks out of its 8-month correction?
2. What factors could trigger a breakout for Shiba Inu?
3. What is the current trend in Shiba Inu's price movement?
- NEAR Intents Blur the Line Between What Humans and AI Can Accomplish
- “Never Had Plans to Sue Binance,” Wintermute CEO Evgeny Gaevoy Confirms
- Ripple Swell Conference 2025: How to Watch, Date, and Expected Impact on XRP
- Crypto Market Crash as $595.8M in Longs is Liquidated, Bitcoin Slides to $105,000
- Saylor’s Strategy Buys 397 BTC as Trump Blames Democrats for Prolonged U.S. Shutdown
- Solana Price Eyes Rebound as Institutional Demand Tops $3.2B YTD
- Will Hyperliquid Price Hit $50 After OKX Listing?
- Top 3 Developments That Could Impact Bitcoin Price This Week
- Chainlink Price Eyes $30 Rebound as FTSE Russell Collaboration and Supply Squeeze Fuel Optimism
- Ethereum Price As Stablecoin Volume Hits ATH of $2.82T Despite Struggling Crypto Market- Is a Recovery In Sight?
- XRP Price Forecast: Spot ETF Approval Could Propel Token to $3.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
