As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. With Shiba Inu (SHIB), the second-largest coin, currently experiencing a 8% plunge during Monday’s U.S. trading hours, it’s natural to wonder if we’re in for another triple-digit surge in October.
During U.S. trading hours on Monday, SHIB, the second-largest digital coin, dipped more than 8%. This significant drop can be linked to Bitcoin slipping below $65,000, with an intraday decline of 3%. Given the meme cryptocurrency market’s sensitivity to fresh market developments, the current price of Shiba Inu suggests a possible return to its $x support level. With October being known for its bullish sentiment in the crypto market, there’s speculation that this could lead to a significant turnaround.
Is Shiba Inu Price Set for Another Triple-Digit Surge in October?
As per Cryptorank’s analysis, it is expected that Shiba Inu’s price might bounce back significantly in October, potentially offering an average increase of 283%. The last three months of the year seem encouraging for a possible upsurge, but reaching triple-digit returns could be overly ambitious considering Shiba Inu’s remarkable surge throughout 2021.
The chances of another surge like the one we’ve seen are less likely now because there’s decreased enthusiasm among investors for meme-based cryptocurrencies, and the rising competition is drawing their focus elsewhere, away from SHIB.
On the other hand, it appears that 61% of Shiba Inu coins are kept idle in prominent wallets, based on Santiment’s findings. This seems to indicate that significant investors are opting for a ‘Hold’ approach.
Moreover, this year has witnessed a significant drop in the Shiba Inu’s exchange-held supply, currently amounting to 144.4 trillion tokens. This decrease suggests lessened selling pressure, thereby supporting the hypothesis of an upcoming price rise.
SHIB Price Hints 9% Drop Before Major Reversal
Over the past weekend, I’ve observed a significant correction in the Shiba Inu price from approximately $0.0000217 to $0.0000178, representing an 18% decline. This downward trend seems to align with the broader market’s downturn, as Bitcoin fell below $65,000 on Monday. Given continued selling pressure, the Shiba Inu price might drop another 9%, potentially reaching a support level at around $0.000016.
After 100 days, if we see a bullish crossover of the 20-day and 100-day exponential moving averages, it could rebuild the bullish trend’s momentum. This potential shift might manifest as an Inverted Head and Shoulder pattern in daily charts, which is typically a sign of a bullish reversal.
The arrangement of the graph features three dips, with the central dip (the “head”) being the lowest, while the two outer dips (the “shoulders”) are slightly higher. If this pattern continues, the price of Shiba Inu could potentially rise from approximately $0.000016 and attempt to surpass the resistance at $0.000022 again.
Conversely, if the price falls below the $0.000016 mark, it could force buyers to lose their EMA (Exponential Moving Average) support, effectively weakening the bullish argument.
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2024-09-30 23:34