As a seasoned researcher with a keen eye for market trends and patterns, I find myself intrigued by the recent surge in Shiba Inu (SHIB) prices. Having witnessed numerous bull runs and bear markets, I can say that this current rally seems to be fueled by more than just hype and memes.
On Sunday, the cryptocurrency market experienced a significant increase as Bitcoin reached an unprecedented high of $80,137 during trading hours. This surge in buying activity not only boosted Bitcoin but also extended to many major altcoins such as SHIB. An analyst in the crypto field notes that this rally aligns with a confirmed hidden bullish divergence in Shiba Inu‘s price chart, suggesting the possibility of a 309% growth.
As of the deadline, the price of SHIB had been exchanged at approximately 0.0000276 USD, experiencing a daily increase of 34.6%. According to CoinGecko, the total market capitalization stood at around $20.58 billion, and the 24-hour trading volume amounted to about $2.53 billion.
Analyst Forecasts 300% Rally for Shiba Inu Price Amid Hidden RSI Divergence
On November 10th, the crypto market saw a prolonged rebound, largely fueled by the election of Donald Trump as president in 2024. In this ever-changing landscape, the leading meme coin tends to offer swift and high-impact surges owing to its inherent volatility.
As a result, the well-known meme currency based on dogs, Shiba Inu, experienced a significant increase from $0.00001685 to $0.000025, marking a 49% climb. Subsequently, the market capitalization of SHIB swelled to an impressive $14.93 Billion.
In the bustling Bitcoin market, crypto expert Javon Marks predicts a positive trend for Shiba Inu’s price due to the development of a concealed bullish divergence. This optimistic pattern, known as a bullish continuation setup, occurs when the RSI (Relative Strength Index), a momentum indicator, forms a lower trough while the price itself creates a higher trough.
In theory, it seems like the sellers’ efforts to start a downtrend are unsuccessful, as indicated by the lower Relative Strength Index (RSI). However, the price instead created a new peak, indicating that there is continued strong buying pressure in the market.
Based on Mark’s examination, the Shiba Inu price successfully breached from $0.00002, indicating its departure from a five-month stalemate. The recent spike has almost achieved the predicted 300% growth to reach $0.000081, with the current price being about 214% below that target.
The analysis also shared an extended crypto bull target of $0.00015.
SHIB Adoption Accelerates with Surge in Active Addresses and Growth
Based on information from Santiment, there’s been a substantial increase in active Shiba Inu (SHIB) addresses within the past 24 hours, reaching approximately 5,184. This surge has also been accompanied by an uptick in network growth to about 3,045. This suggests that user engagement and adoption of the SHIB network is rising, which may point towards growing investor attention. If this trend continues, it could potentially bolster the token’s underlying values.
Such activity often correlates with bullish price action and a growing ecosystem.
After a strong rise, the asset’s price might experience a short-term adjustment or pullback to restore its upward trend. Therefore, it is possible that the Shiba Inu price may return to around $0.00002 to find stability and gather strength again.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
2024-11-10 20:02