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Shiba Inu (SHIB) blasted through resistance at $0.000008 like nothing, accentuating the strong market structure in October. Traders searching for scalping opportunities had a field day, with SHIB breaking above two key levels; at $0.0000074 and subsequently at $0.000008.
SHIB is trading at $0.00000798 on Tuesday, down 3.5% in the last 24 hours amidst profit-booking activities to lock in the gains.
The second-largest meme coin is bound to keep the uptrend going, especially with support at the 100-day EMA holding firmly. On the upside, trading above $0.000008 – the immediate resistance could call for a bullish backup as traders push toward the pivotal level at $0.00001.
The majority of the technical indicators affirm the bullish outlook implying that Shiba Inu price is still poised to make a larger breakout.
Investors have since the crypto market flipped bullish in October, bolstered by the hype surrounding the potential approval of Bitcoin spot exchange-traded funds (ETFs), increased their exposure to SHIB and other meme coins like Pepe Coin, Floki Uni, and Bonk.
Shiba Inu Price Prediction: Evaluating The Bullish Outlook This Week
Shiba Inu enhanced its technical structure in October and now sits between two determinant indicators; the 100-day Exponential Moving Average (EMA) (blue) at $ 0.0000077 and the 200-day EMA (purple) at $0.00000836.
For Shiba Inu to have a smooth transition eyeing movement above $0.00001, the support provided by the 100-day EMA must be defended at all costs. On the upside, a break and hold above the 200-day EMA would make SHIB more attractive to traders who will help build the momentum for the breakout above $0.00001.
In addition to the buy signal fronted by the Moving Average Convergence Divergence (MACD) indicator, a double-bottom pattern is forming. The call to traders to consider buying SHIB manifested with the MACD line in blue crossing above the red signal line. Besides, the green histograms on top of the neural 0.00 area add credibility to the trend reversal.
On the other hand, a double-bottom pattern hints at SHIB rocketing above $0.00001 and closing the gap to $0.000015 for the first time since February. This pattern usually forms toward the end of a downtrend and indicates that bears are losing grip to give way to bulls taking back the reins. The two bottoms represent an area of strong support, which helps to chart the bullish path.
However, the pattern remains unconfirmed until Shiba Inu price shutters resistance at the neckline. Traders would be expected to place their buy orders slightly above $0.00001069 — the neckline. The breakout should be accompanied by a significant increase in trading volume, otherwise, it is unlikely to be sustainable.
Like triangles, double-bottoms have precise breakout targets equal to the height of the pattern extrapolated above the neckline resistance.
Shiba Inu Announces Major Shift In Blockchain
The Shiba Inu development team announced via Twitter (now X) on October 28 that the community should get ready for a radical shift in the blockchain world.
“Attention, Shib Army! We all love a good surprise, and yours is on the horizon – the very first step to unlock your unique Shib identity is just 72 hours away!”
Although the developers did not specify what exactly was going to change, they hyped the community with a $5,000 SHIB giveaway to spread the word.
Shib Army, brace for a seismic shift in the blockchain world! 🚀
🚨 Attention, Shib Army! We all love a good surprise, and yours is on the horizon – the very first step to unlock your unique Shib identity is just 72 hours away!⏳
🎁 Plus, here’s your ticket to the $5,000 SHIB… pic.twitter.com/P9XzJOBGcy
— Shib (@Shibtoken) October 28, 2023
At the time of writing, the post on X had been viewed 749k times ahead of the unknown yet much-anticipated news.
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