Shiba Inu Price Prediction: Will $SHIB Price Rally to $0.000008 By October End?

Sahil Mahadik
Updated
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SHIB Price

Shiba Inu Price Prediction: As Bitcoin sustains its recovery above the $28,000 level, a renewed sense of bullish sentiment is permeating the crypto market. This shift has positively impacted the Shiba Inu coin, which recently bounced off the lower trendline of its falling wedge pattern at $0.0000063. Over the past three days, this bounce has resulted in a 5% gain, setting the stage for a potential breakout from its ongoing corrective phase.

Also Read: Investors Top Picks For High ROI: Cardano And Everlodge, While Shiba Inu Sees Significant Growth

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Bullish Pattern Sets Potential Rally

  • The coin price trading below the daily EMAs(20, 50, 100, and 200) indicates the overhead market trend is still bearish 
  • A bullish breakout from the wedge pattern could trigger a new recovery 
  • The intraday trading volume of the Shiba Inu coin is $72.5 Million, showing a 29% gain.

Shiba Inu Price PredictionSource- Tradingview

Despite market uncertainties, the SHIB price has been adhering to a well-defined falling wedge pattern over the last two months. This pattern has prompted four rebounds from its upper trendline and five from its lower, underscoring its strong influence on traders behavior. 

As of October 19, the Shiba Inu price rebounded once again from the lower trendline, elevating it to its current trading level of $0.00000697. If buying pressure persists, we could see an additional 2% gain, which would represent an attempt to break out from the upper trendline, effectively signaling the end of its current correction. 

Given the narrowing space between the two converging trendlines, a breakout seems imminent. A daily candle close above the upper trendline would likely intensify bullish momentum, potentially propelling the coin’s price 25% higher to reach the $0.00000876 mark.

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Is SHIB Price Poised for Further Correction?

It’s essential to note that while the short-term outlook appears bullish, the existing trend remains bearish. For the past two months, the lower trendline has functioned as a safety net, protecting against a more severe correction. Should selling pressure breach this support, it could trigger accelerated selling, possibly pushing the price down to the $0.0000055 level.

  • Exponential Moving Average: The 50-day EMA aligned with the upper trendline of the wedge pattern offers additional resistance against buyers.
  • Relative Strength Index: The daily RSI slope above the 40% mark indicator shows bullish momentum is sufficient for significant recovery.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.