The Shiba 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 
$64,235 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.
Shiba Inu Price Prepares for 48% Increase Post-Correction
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 SHIB price jumped from $0.00001552 to $0.0000187, marking a 21.2% growth and raising its market capitalization to $11.04 billion.
Traders Shift Focus to Meme Coins as BTC Aims for $70K
According to Santiment analysis, meme coins like Dogecoin 
$0.070475 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 cryptocurrency 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.
