The crypto market has witnessed a bearish turnaround ahead of the U.S. presidential election. As Bitcoin price dives below the $70,000 threshold

As the U.S. presidential election approaches, the crypto market has taken a bearish turn. Bitcoin price fell below the $70,000 mark, while most major altcoins, including the popular memecoin SHIB, faced renewed selling pressure. However, some crypto analysts believe that this pre-election pullback could help build up bullish momentum and lead to a major breakout in Shiba Inu price.

Analyst Predicts Shiba Inu Price Breakout After 8-Month Correction: $0.00004 Possible?

In a recent tweet, market analyst CryptoZeybek predicted an upcoming breakout for Shiba Inu price during the U.S. presidential election 2024. His analysis of SHIB’s daily chart shows an active price consolidation between two converging trendlines, forming a symmetrical triangle pattern.

In theory, this pattern results in a temporary sideways movement, allowing the prevailing trend to regain momentum and potentially trigger a sustained breakout. During the pre-election pullback, SHIB price fell from $0.0000198 to $0.000017, marking a 13% drop.

However, several market analysts anticipate the U.S. election outcome to be highly favorable for the crypto market if a candidate who supports crypto is elected. As a result, the current reversal could be the last dip before a significant market rally.

If the theory holds, SHIB price could bounce back 11.5%, challenging the Triangle resistance at $0.0000114. A potential breakout from this barrier would conclude an eight-month correction and lead to a major rally in Shiba Inu price.

Based on the triangle pattern, this dog-themed memecoin could aim for potential targets of $0.000021, followed by $0.00003, and then $0.000045.

For a deeper analysis, check out the article on the top meme coins.

SHIB Supply on Exchanges Drops as Whales Increase Holdings

According to data from santiment, the SHIB supply on exchanges has dropped significantly over the past 5 months, decreasing from 158.75 trillion coins to 145 trillion coins. This substantial reduction indicates that more investors are moving their SHIB holdings off exchanges and into private wallets, which often signifies reduced selling pressure and increased long-term holding sentiment.

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