As a seasoned crypto investor who has weathered multiple market cycles, I’ve learned to appreciate the unpredictability that comes with this exciting yet volatile industry. October, historically known for its bullish trends, hasn’t quite lived up to expectations this year. However, amidst this market turbulence, a diamond in the rough seems to be emerging – Shiba Inu (SHIB).
So far, October has not shown its typical bullish behavior in the broader cryptocurrency market. Prices for Bitcoin and many altcoins have been unpredictable due to market volatility, making it challenging to achieve consistent price growth. As we approach the end of what is often a strong month for crypto, Shiba Inu (SHIB) seems poised to make some unexpected moves in the cryptocurrency market.
Shiba Inu and Bitcoin decoupling
As a researcher studying the cryptocurrency market, I’ve noticed an interesting trend: The meme coin based on dogs appears to have separated its trajectory from Bitcoin, the global leader in digital currency. In the last 24 hours alone, this canine-themed coin has seen a significant surge in market volume, reaching $203.57 million, which represents a 29.66% increase. Even after a week of downward price movement, the coin has seemingly begun to bounce back, with a noticeable 6.03% rise, currently trading at approximately $0.00001706.
The turning point for Shiba Inu was when it hit a value of approximately $0.00001605, which served as a solid foundation for further growth. Despite this, the general market attitude remained optimistic, fostering a sense of forward momentum in SHIB as more and more investors wagered on the meme coin recovering its price value.
Bitcoin has once more surpassed the $68,000 mark following a shake-off from market volatility. Earlier predictions had suggested it would reach $70,000 last week, but BTC only managed to rebound at $68,584. In contrast, Shiba Inu (SHIB) is experiencing an even more aggressive surge, based on its price increase and trading volume.
Golden cross could propel Shiba Inu further
According to market analysts, the meme coin based on dogs could achieve significant breakthroughs if Shiba Inu (SHIB) maintains its present trajectory into November. As U.Today reports, SHIB is gradually moving toward a possible golden cross, which might indicate substantial price growth for this meme currency.
After examination, Shiba Inu’s 50-day Exponential Moving Average (EMA) is approaching its 200-day EMA. This proximity is significant because it’s a key part of the golden cross setup. If this golden cross occurs, it could stir renewed attention and investment in the token.
As the market anticipates an increase in Shiba Inu’s price, a significant investor, known as a whale, has raised some worry within the ecosystem. This whale’s recent transaction has knocked Shiba Inu out of the “trillionaire club,” reducing its circulating supply to approximately 895.12 billion SHIB. The community views this event as a temporary hurdle, expressing hope for a swift recovery.
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2024-10-28 17:31