Shiba

Dogecoin

Shift

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-price-surges-as-market-sentiment-revives/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Price Surges as Market Sentiment Revives</a> 
The <a href="https://en.coin-turk.com/shiba-inus-rising-popularity-and-token-burn-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba</a> Inu price reached $0.000018, showing a 2.7% increase during Friday’s trading session. This upward movement revived the Uptober rally sentiment as Bitcoin approaches $70,000. The formation of a well-known Inverted Head and Shoulders pattern indicates that the price correction has ended, and a significant rally is imminent.
<h2 id="shiba-inu-price-prepares-for-48-increase-post-correction">Shiba Inu Price Prepares for 48% Increase Post-Correction</h2>
Since mid-June, the Shiba Inu price prediction 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 termed the Inverted Head and Shoulders.
Characterized by three dips, this chart pattern demonstrates demand pressure at the asset’s lower support level. During the October rally, the <a href="https://en.coin-turk.com/bitcoin-surpasses-70000-as-shib-price-rises/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SHIB</a> price jumped from $0.00001552 to $0.0000187, marking a 21.2% growth and raising its market capitalization to $11.04 billion.
<h2 id="traders-shift-focus-to-meme-coins-as-btc-aims-for-70k">Traders Shift Focus to Meme Coins as BTC Aims for $70K</h2>
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 increasingly focused on highly leveraged meme coins. However, layer-2 coins such as Arbitrum and Optimism are largely being overlooked.
Despite this, historical trends indicate that <a href="https://en.coin-turk.com/cryptocurrency-investors-faced-challenges-in-2022/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> assets often move contrary to broader market sentiment. Consequently, the leading meme coins may sustain their current recoveries, but the risk of a downward reversal persists.
If the Shiba Inu price encounters renewed selling pressure at the $0.00002 level, sellers could push the asset into a prolonged consolidation phase.
The current technical formation and market dynamics suggest that the Shiba Inu coin may have significant upward potential in the near future. However, given the high volatility of cryptocurrency markets and potential correction risks, caution among traders is essential. The growing interest in meme coins offers additional opportunities amidst general market uncertainties, while also bringing inherent risks.
The post <a href="https://en.coin-turk.com/shiba-inu-price-surges-as-market-sentiment-revives/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Price Surges as Market Sentiment Revives</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Shiba Inu Price Surges as Market Sentiment Revives

Table of Contents

COINTURK NEWS

Other articles published on Oct 19, 2024

SEC Approves NYSE and CBOE Applications to List Bitcoin ETF Options

BlockDAG Presale Eyes Historic $600M Target in 2 Months; Tron Remains Solid, Solana Poised for Re...

The Emergence of Zig Network: A Potential Game Changer for Stellar (XLM) and Avalanche (AVAX)

Shiba Inu Price Analysis: Is SHIB About To Break New ATHs? Massive Run Dwarfed By DeFi Token’s 20...

Shaping the Future of Web3 and Beyond: A Q&A With the CEO of WOW Summit

Caladan Group Launches OTC Options Desk to Expand Structured Product Offerings for Institutional ...

Join our free newsletter for daily crypto updates!