Key Insights:
Shiba Inu saw the formation of two bullish patterns on the 1D charts.
Both patterns clearly signal a move above $0.000045.
Strong fundamentals and on-chain growth are needed to support the bull rally in SHIB.
The future outlook shows that the price could gain $0.000075 levels and beat Dogecoin's market cap.
Shiba Inu charts have shown decent price momentum. Along with solid fundamentals, they can take the price towards SHIB’s previous 2024 high at $0.000045. With experts predicting a massive rally up to $0.000075, we might see considerable gains in the future.
Shiba Inu charts show two super bullish patterns, which could take its price to a new 2024 high.
The rounding bottom pattern signifies a solid recovery in SHIB’s prices after they dropped from their 2024 high of $0.000045. However, this pattern has a few obstacles.
Next, last month's bullish flag pattern breakout shows that the price has already begun its massive rally and could soon reach the target of $0.000045.
Rounding Bottom in Shiba Inu Charts
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The rounding bottom pattern formed in the Shiba Inu charts could show a massive price move if the following scenarios occur. Both scenarios indicate an upmove but differ regarding when the breakout might occur.
If the price crosses $0.000028 and breaks out of the resistance at $0.00002738, it could enter a rally, taking its price to $0.000045 in about a month.
However, for this to happen, we need markets to be bullish.
Thankfully, the US Fed could announce a rate cut on 7 November 2024. If the rate cut is as large as the last one, it could send SHIB spiraling upwards with other cryptocurrencies.
Further, we expect the winner of the Presidential race to be declared by the same date. According to Polymarket data, Trump's win could provide an opportunity for a massive broad market rally in the second week of November.
Shiba Inu might see this scenario if either of the events, the US Fed policy rate cut or the US election results, fail to trigger markets. The price could trade sideways at $0.000028 levels for a while.
Interestingly, this would help form another super bullish pattern called "the head and shoulders." If this pattern forms, the price could quickly scale to $0.000075.
Shiba Inu Breaks Out of Bullish Flag Pattern
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Earlier, Shiba Inu broke out of a long-term Bullish Flag Pattern (also known as Bullish Pennant). The pattern formation took place from March and finished in late September.
Such patterns signal the arrival of sustained long-term price trends, which means that Shiba Inu could retain its bullishness for the entire altcoin season in 2025 and possibly 2026.
Shiba Inu is also supported by solid growth in its on-chain and user data.
On 21 October 2024, whale transactions in Shiba Inu increased to 209 from 48 transactions the previous day.
The Shibarium blockchain also gained traction in just over a year. It has successfully completed around 420 million transactions and seen its user base grow to 1.8 million.
Further, the burn rate has also greatly improved recently. Just two days ago, the project burned 330 million tokens.
Crypto author Jason Williams predicts a price of $0.00005 for Shiba Inu along with $250k Bitcoin and $10k Ethereum, a target that was also predicted by Bankless co-founder Ryan Sean Adams.
WhaleHQ, a tool for whale tracking, quotes an unnamed analyst predicting the price of $0.000074 in the future.
Shiba Inu could flip Dogecoin by the next Bitcoin halving in 2028. In the current scenario, Shiba Inu has 51% of Dogecoin's market cap.
According to the charts, SHIB could reach $0.000075 by the end of the current alt season in late 2025 to early 2026. This would lead to a surge in the market cap, helping Shiba Inu reach a $45 billion market cap.
In the same period, Dogecoin is expected to reach $0.28, which would value its market cap at $43 billion, slightly below Shiba Inu.
However, it depends on many factors, such as geopolitics, on-chain developments, macroeconomics, and crypto regulations.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.