The crypto market has seen a bearish reversal as the US presidential election approaches. As Bitcoin price plunges below the $70,000 threshold, most major altcoins, including the popular memecoin SHIB, have shown renewed selling pressure. However, crypto analysts predict that this pre-election pullback could recoup the bullish momentum and lead to a major breakout of the Shiba Inu 8-month price correction.
Analyst predicts Shiba Inu price breakout after 8-month correction: $0.00004 possible?
In a recent tweet, market analyst CryptoZeybek reports an impending Shiba Inu price breakout amid the 2024 US presidential election. His analysis of SHIB’s daily chart shows an active price consolidation trend between two converging trendlines, indicating the formation of a triangle symmetrical.
Theoretically, this pattern leads to a temporary sideways movement, allowing the dominant trend to regain momentum and potentially trigger a lasting breakout. Amid the pre-election pullback, SHIB price plunged from $0.0000198 to $0.000017, recording a 13% decline.
However, several market analysts predict that American election the outcome will be very optimistic for the crypto market if a pro-crypto candidate is elected. So, the current reversal could be a final decline before an accelerated market recovery.
If the theory is true, SHIB price could rebound 11.5% to challenge Triangle resistance at $0.0000114. A potential break of this barrier would end an eight-month correction and lead to a major rally for Shiba Inu Price Prediction.
According to the triangle pattern, this dog-themed memecoin could aim for a potential target of $0.000021, followed by $0.00003, followed by $0.000045.
For a detailed analysis, see the best coins article.
SHIB supply on exchanges decreases as whales increase their holdings
According to feeling According to data, the supply of SHIB on exchanges saw a drastic decline from 158.75 trillion coins to 145 trillion coins over the past 5 months. This significant decrease implies that more and more investors are moving their SHIB holdings out of exchanges and into private wallets, which is often a sign of reduced selling pressure and an increased sense of long-term holding .
Furthermore, the Shiba Inu supply held by the main addresses has gradually increased since April 2024, reaching 61.4% with the crypto market today. This implies that large investors or “whales” are accumulating more SHIB, which can be seen as a sign of confidence in the long-term potential of the token.
However, if marker sellers continue to defend the overhead resistance trendline, Shiba Inu price could delay its bullish breakout.
Frequently Asked Questions (FAQ)
If Shiba Inu manages to break the triangle resistance at $0.0000114, it could target potential price levels of $0.000021, followed by $0.00003.
Market Analyst CryptoZeybek Notes 2024 US Presidential Election Could Serve as Catalyst
Shiba Inu price is currently consolidating in an 8-month symmetrical triangle pattern,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a solid command of technical analysis, he keeps a vigilant eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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