TLDR
- Shiba Inu (SHIB) price poised for potential 100% increase according to analysts
- Current price at $0.00001690, down 12.2% last week
- Technical analysis shows inverted head-and-shoulders pattern forming
- 97% price correlation exists between SHIB and Dogecoin
- Support levels identified at $0.00001620 and $0.00001294
Trading data shows Shiba Inu (SHIB) has formed a technical pattern that could lead to a price movement, according to market analysts.
The cryptocurrency, currently trading at $0.00001690, has drawn attention from traders watching for potential breakout signals.
Recent market data indicates SHIB experienced a 12.2% decline over the past week after meeting resistance at $0.00001924.
Despite this pullback, technical analysts point to the formation of an inverted head-and-shoulders pattern, which traders often interpret as a bullish reversal signal.
Trader Oscar Ramos shared his analysis with his 60,000 followers on X (formerly Twitter), suggesting a price movement could occur soon.
Just smash the like button if a $SHIB EXPLOSION is IMMINENTđź’Ą
I believe in Shiba Inuđź”´ pic.twitter.com/2HdMKOt0mI
— Oscar Ramos (@realOscarRamos1) October 26, 2024
The current market structure shows a neckline forming near the $0.000019 mark, which traders are watching as a key level.
The cryptocurrency’s market data reveals two main support levels: $0.00001620 and $0.00001294. These price points represent areas where buying pressure has previously helped maintain price stability.
Data from market analytics platform IntoTheBlock highlights a 97% price correlation between SHIB and Dogecoin over the past 60 days. This correlation suggests that price movements in one asset often coincide with similar movements in the other.
Current market metrics show SHIB maintains a market capitalization of $9.9 billion. This places it among the larger cryptocurrencies by market value, ranking below several major blockchain platforms.
Trading volumes have fluctuated as market participants monitor key price levels. The immediate resistance level sits at $0.00001900, which aligns with the pattern’s neckline identified by technical analysts.
Price data indicates potential upside targets at $0.00002900 and $0.00004500, should the market break above current resistance levels. These targets represent price points where previous market activity has shown notable interest.
The asset’s technical setup comes as broader market conditions show increased activity in the meme coin sector. Recent events involving Dogecoin have demonstrated the segment’s continued market presence.
Market data from the weekend showed Dogecoin responding to external news with a 3.8% price increase. This movement caught trader attention due to the high correlation between DOGE and SHIB prices.
Looking at market structure, SHIB’s current position relative to key support and resistance levels provides traders with defined areas to monitor. The $0.00001900 level represents the immediate overhead resistance.
Trading charts show the formation has developed over several weeks, with increasing attention from market participants as the pattern nears completion.
Volume analysis indicates trader interest at current price levels, with market participants watching for potential breaks above or below established support and resistance zones.
If the upside scenario plays out according to technical analysis, SHIB’s market cap could approach $20 billion. This would position it near other major cryptocurrencies in terms of market value.
The most recent price data shows SHIB trading at $0.00001690, as traders continue to monitor support and resistance levels for signs of the next market movement.
