The Shiba Inu price reached $0.000018, showing a 2.7% increase during Friday’s trading session. This movement revived the Uptober rally sentiment as Bitcoin approaches $70,000. The formation of an Inverted Head and Shoulders pattern suggests that the correction is over and a substantial rally is imminent.

Shiba Inu Price: Expecting a 48% Rise

Since mid-June, Shiba Inu has shown a sideways trend, struggling to maintain above the $0.00002 barrier. However, analysis of the daily chart reveals this consolidation as a known formation called the Inverted Head and Shoulders. Characterized by three dips, this pattern demonstrates demand pressure at the asset’s lower support level. During the October rally, the SHIB price jumped from $0.00001552 to $0.0000187, marking a 21.2% growth and increasing its market capitalization to $11.04 billion.

Traders Shift Focus to Meme Coins

According to Santiment analysis, meme coins like Dogecoin and Shiba Inu have reached their highest social discussion rates in five months, attracting significant attention from traders. As Bitcoin’s price trends toward $70,000, speculative traders are focusing increasingly on highly leveraged meme coins, while layer-2 coins such as Arbitrum and Optimism are largely being overlooked.

Market Prospects and Risks

The current technical formation and market dynamics suggest significant upward potential for the Shiba Inu coin in the near future. However, caution is advised due to the high volatility of cryptocurrency markets and potential correction risks. The growing interest in meme coins provides additional opportunities amidst general market uncertainties but also brings inherent risks.

The current market conditions and technical indicators point towards potential significant growth for Shiba Inu in the near future. However, traders should be mindful of potential volatility and correction risks in cryptocurrency markets.