Price Analysis

Shiba Inu Price Eyes 38% Rally Amid Bullish Reversal Pattern

Shiba Inu price eyes a 38% rally as a double-bottom reversal pattern takes shape. SHIB shows increased accumulation while supply on exchanges declines
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Shiba Inu Price Eyes 38% Rally Amid Bullish Reversal Pattern

Highlights

  • The Shiba Inu price is 9.5% away from a major breakout of the double bottom pattern.
  • The $0.0000122 floor stands as a crucial accumulation zone for crypto buyers.
  • SHIB supply on exchanges declined to 75.3 trillion coins, suggesting increased accumulation and decreased selling pressure, according to Santiment data.

SHIB, the second-largest meme cryptocurrency by market cap, experienced a 14% surge over the past five days, rising from $0.000013 to $0.00001478. This bullish rally was likely driven by the broader market recovery following the U.S. Federal Reserve’s 0.5% rate cut. The Shiba Inu price shows signs of a potential extended recovery, supported by this double-bottom reversal pattern.

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Shiba Inu Price Targets 38% Surge as Bullish Reversal Takes Shape

The cryptocurrency market took a bullish turnaround in September following the Bitcoin price reversal from $52,500 to $63,456— a 20% increase. The renewal recovery sentiment shifted the prevailing correction in Shiba Inu price into a sideways trend above $0.0000123. 

In the last 11 weeks, the SHIB price showcased three failed attempts to breach the bottom support line, indicating the active accumulation zone for buyers. The latest reversal uplifted the altcoin 19.82% to trade at $0.0000147 while the market cap surged to $8.7 billion. 

An analysis of the daily chart shows the formation of a double-bottom reversing pattern, a chart setup often spotted at major market bottoms.

If the pattern holds true, the dog-themed memecoin is poised for a 9.3% surge before the critical breakout from the $0.000016 neckline. The potential breakout will intensify the bullish momentum and drive another 25% surge to target $0.00002.

SHIB/USDT -1d Chart

According to the Santiment data, the supply of SHIB on exchanges steadily declined to reach 75.3 Trillion coins. This downward trend suggests a withdrawal of tokens from exchanges, which can indicate investors’ accumulation or a decrease in selling pressure.

SHIB Supply on exchange | Santiment

On the contrary, the 30-day MVRV (market value-to-realized value) ratio has spiked to 7.66%, indicating that short-term buyers are in profit. Historically, the MVRV ratio value of 8-10% has coincided with Shiba Inu price prediction tops as these speculative traders often exit the market early for profit booking. 

SHIB | MVRV Ratio

Therefore, if the overhead supply persists, the Shiba Inu price could revert to $0.000012 and prolong the consolidation trend.

For a detailed analysis, check out the top meme coins article.

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Frequently Asked Questions

What is the potential price target if Shiba Inu breaks out of the double-bottom pattern?

If SHIB breaks out from the $0.000016 neckline, it is poised for a 25% surge, potentially reaching $0.00002.

What is the significance of the $0.0000122 level for SHIB?

The $0.0000122 level serves as a crucial accumulation zone, where buyers have actively prevented the price from falling further, indicating strong support.

What does the decline in SHIB supply on exchanges indicate?

A decline in SHIB supply on exchanges, down to 75.3 trillion coins, suggests increased accumulation by investors and reduced selling pressure
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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