The crypto market has witnessed a bearish turnaround ahead of the U.S. presidential election. As Bitcoin price dives below the $70,000 threshold, most major altcoins, including popular memecoin coin SHIB, showed renewed selling pressure. However, crypto analysts predict this pre-election pullback could recuperate the bullish momentum and drive a major breakout from the Shiba Inu price 8-month correction.
Analyst Predicts Shiba Inu Price Breakout After 8-Month Correction: $0.00004 Possible?
In a recent tweet, market analyst CryptoZeybek signals an impending breakout for Shiba Inu price amid the U.S. presidential election 2024. His analysis of SHIB’s daily chart showcases an active price consolidation trend between two converging trendlines, indicating the formation of a symmetrical triangle pattern.
Theoretically, this pattern leads to a temporary sideways movement, allowing the prevailing trend to regain momentum and potentially trigger a sustained breakout. Amid the pre-election pullback, the SHIB price plunged from $0.0000198 to $0.000017, registering a 13% drop.
However, several market analysts predict the U.S. election result to be highly bullish for the crypto market if a crypto-friendly candidate is elected. Thus, the current reversal could be a final dip before an accelerated market rally.
If the theory holds true, the SHIB price could bounce 11.5% up to challenge the Triangle resistance at $0.0000114. A potential breakout from this barrier would conclude an eight-month correction and drive 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.
SHIB/USDT chart – CryptoJack
For a detailed analysis, check out the top meme coins article.
SHIB Supply on Exchanges Drops as Whales Increase Holdings
According to santiment data, the SHIB supply on exchange has witnessed a drastic drop from 158.75 trillion coins to 145 trillion coins in the last 5 months. This significant decrease implies that more investors are moving their SHIB holdings off exchanges and into private wallets, often a signal of reduced selling pressure and increased long-term holding sentiment.
Moreover, the Shiba Inu supply held by top addresses has gradually increased since April 2024, reaching 61.4% with the crypto market today. This implies that larger investors or “whales” are accumulating more SHIB, which can be seen as a sign of confidence in the token’s long-term potential.
SHIB Supply | Santiment
However, if the marker sellers continue to defend the overhead resistance trendline, the Shiba Inu price could delay its bullish breakout.
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