Shiba Inu Price Forecast: SHIB Market Demand Surges 420% in 48-Hours as Elon Musk Sparks Memecoin Frenzy

Shiba Inu Price Analysis: 

Shiba Inu price found support $0.0000184 level on Thursday Oct 31, as bears pruned down the weekly timeframe gains to 15%. On-chain data shows that SHIB market demand continues to risk despite the mild-correction observed in the last 48-hours.

Shiba Inu Maintains $0.000018 Support amid Market Consolidation Phase

On Tuesday, Oct 29, Shiba Inu price rose to a new monthly time frame peak, as prominent memecoins outperformed the major altcoins.  Market reports suggests that Dogecoin’s remarkable October rally fueled by Elon Musk’s multiple bullish DOGE comments has spilled over towards other prominent meme tokens.

As the likes of DOGE, POPCAT and Trumpcoin (MAGA) surged amid the pre-elections market boom, SHIB price mirrored the sector trends, positing double-digit gains, as Elon Musk further intensified involvement in Trump’s rally in the last two-weeks.

The chart above shows show SHIB price rallied 25% from $0.000016 on Oct 10 to reach a monthly timeframe peak of $0.000020 on Oct 29. Shiba Inu price has now mild-retraced 7.36% to find support at $0.000018 at the time of publication on Oct 31.

Despite this initial profit-taking wave, market data trends suggests SHIB continues to find buyers as majority of memecoin traders anticipate a euphoric top ahead, if the US Elections yield a favorable outcome for Trump.

Shiba Inu Trading Volume Surges 420% as Memecoin Traders Bet on Trump Win

Shiba Inu price recently faced a 7% correction after bulls failed to clear the critical $0.000020 resistance on Tuesday, Oct. 29.

Nevertheless, on-chain indicators reveal that market demand for SHIB remains robust, signaling that bull traders could be regrouping for another attempt at a breakout past the $0.000020 mark in the days ahead.

IntoTheBlock’s Trading Volume chart, shown below, tracks the dollar value of all transactions involving SHIB tokens on any given day, providing real-time insights into market demand for the token.

Before the latest market rally, Shiba Inu’s trading volume dropped to a low of $27.84 million on Oct. 27. However, the chart above shows a significant reversal, which saw SHIB’s trading volume surging by approximately 420% in 48 hours—from $27.84 million to a monthly peak of $145 million on Oct. 29.

Even with the subsequent 7% price decline, SHIB trading volume still held strong at over $138 million on Oct. 30, reflecting persistent interest among market participants.

When trading volume remains elevated during a price correction, as observed here, strategic investors may interpret it as a bullish signal for two main reasons.

First, high trading volume during a pullback suggests that buyers are stepping in to accumulate at lower levels, indicating continued demand even when prices dip.

Second, sustained volume can reflect confidence in the asset’s future price potential, as investors keep their positions active despite downward volatility.

This surge in Shiba Inu’s trading volume amid price retracement points to a resilient bullish sentiment within the market, potentially driven by speculations surrounding a potential Trump-related rally in the meme coin sector.

SHIB Price Forecast: $0.000020 Target Remains Viable

As Shiba Inu’s trading volume continues to soar, all eyes are on bull’s next attempt at breaching $0.000020 price resistance level. Positive speculations around a Donald Trump victory could further fuel demand for memecoins, enhancing the potential for another SHIB rally in the as the elections draw nearer.

The daily chart for SHIBUSD supports this optimistic outlook, with two technical indicators showing bullish signs. The Keltner Channels (KC) bands, shown in the chart below, indicate that SHIB is currently above the middle band $0.000017.

Historically, when an assets holds above the middle KC line during a correction phase, it often signals strong buying pressure defending the asset. Hence, defending the $0.000018 level positions Shiba Inu price favorably for another attempt at breaching the upper KC boundary line at $0.000020.

More so, the Relative Strength Index (RSI), currently at 52.71, indicates that SHIB is neither overbought nor oversold, giving room for price appreciation.

If SHIB can hold above the immediate support level at $0.00001790, it could establish a base for another bullish attempt. Successfully breaching the $0.000020 resistance level would validate this rally, potentially setting the stage for a run toward the next major resistance at $0.00002100.

However, if sellers regain control, SHIB could retest support at $0.00001551, where strong buyer interest may emerge.