Shiba Inu price increased by 2.7% to $0.000018 in the trading session on Friday. This upward movement, Bitcoin 
$67,945The Uptober rally revived sentiment as it approached $70,000. With the formation of the famous Inverted Head and Shoulders pattern, SHIB price signals that the correction is over and a major rally is approaching.
Shiba Inu Price Poised for 48% Rise with End of Correction
Since mid-June, the Shiba Inu price prediction has been trending sideways, struggling to stay above the $0.00002 barrier. However, analysis of the daily chart reveals this consolidation as a known pattern called reversal head and shoulders.
The chart pattern, characterized by three bottoms, indicates that the asset is experiencing demand pressure at the lower support level. During October’s rally, SHIB price jumped from $0.00001552 to $0.0000187, recording a growth of 21.2% and its market cap rising to $11.04 billion.
If the pattern holds true, Shiba Inu price is poised for an 8% increase to challenge the $0.00002 neckline resistance of the Inverted Head and Shoulders formation. In theory, this formation creates a predetermined target by measuring the distance between the middle bottom and the neckline. This measurement is applied from the breakout point to project potential bullish movement.
Traders’ Attention Shifts to Meme Coins as BTC Targets $70K
According to Santiment analysis, Dogecoin 
$0.13437 and Shiba Inu are attracting the most attention from traders, reaching their highest social discussion rates in five months.
As Bitcoin price moves towards $70,000, speculative traders are increasingly focusing on highly leveraged meme coins. However, layer-2 coins like Arbitrum and Optimism are largely ignored.
However, the historical trend shows that crypto assets often move in the opposite direction from the main market sentiment. Therefore, the top meme coins may continue their current rally, but the risk of a bearish reversal remains.
With the crowd waiting for Bitcoin to surpass $70,000, traders are investing more in highly leveraged speculative meme coins with discussion rates at the highest level in five months. Meanwhile, L2s like Arbitrum and Optimism are ignored. Speculative coins…
— Santiment (@santimentfeed)
If Shiba Inu price sees renewed supply pressure near the $0.00002 level, sellers could force the asset into a prolonged period of consolidation.
The current technical formation and market dynamics of the Shiba Inu price indicate that the coin may have significant upside potential in the near future. However, given the high volatility of crypto markets and possible correction risks, it is important for investors to remain cautious. While the increased interest in meme coins offers additional opportunities in the face of uncertainties in the general market, it can also bring risks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
