Shiba Inu has decoupled from Bitcoin, showing independent price movements despite general market volatility. This development comes as the cryptocurrency market, including Bitcoin and other altcoins, has experienced fluctuations, with October falling short of its traditionally bullish expectations. Now, as the month draws to a close, SHIB is emerging as a standout token with unexpected momentum.
According to data from CoinMarketCap, SHIB’s trading activity indicates a significant rise in market volume reaching $544.16 million within 24 hours. Meanwhile, SHIB’s price has rebounded by 8.71%, reaching $0.0000184 after a brief decline. The initial turning point for the token came as it hit $0.00001605 and stabilized around the $0.0000160 support level.
With the market’s general sentiment leaning positive, the asset’s momentum has strengthened as investors anticipate continued growth for the meme coin. Bitcoin, on the other hand, has seen its price climb to the $71,135 range following recent volatility, though its gains remain moderate in comparison to SHIB’s current trajectory.
Golden Cross Signals Possible Upside
Analysts suggest the token could achieve new milestones if it maintains its current pace into November. A key technical pattern, the golden cross, appears to be forming and historically signals the potential for significant price growth.
The SHIB 50-day Exponential Moving Average (EMA) is approaching its 200-day EMA, a configuration that, if completed, often attracts renewed interest from investors. This pattern is closely monitored in the crypto community, as it is considered a signal of an upcoming bullish trend.
While the golden cross approaches, the token’s ecosystem recently faced a challenge when a major whale investor withdrew holdings, resulting in a drop from the “trillionaire club” to a volume of 895.12 billion SHIB.
Although this transaction caused a temporary setback, community sentiment remains optimistic that the token can recover from this change and continue its upward trajectory. The community has responded positively, viewing the whale’s activity as a minor disruption in the broader context of the token’s performance.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Market Position and Outlook
With the asset continuing its rally, it remains a turning point for traders looking to capitalize on its recent decoupling from Bitcoin. This divergence from Bitcoin’s influence may indicate a strengthening in SHIB’s market dynamics, driven by community support and technical momentum.
Shiba Inu’s recent performance has demonstrated strength in an unstable market, with strong volume growth and a notable price rebound. As it approaches a potential golden cross and builds on its current decoupling from Bitcoin, the asset remains positioned for continued gains.
However, as always in the cryptocurrency market, further growth will likely depend on market conditions and sustained trading interest, particularly from large-scale investors.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
The post Shiba Inu (SHIB) Gains Momentum as It Finally Decouples From Bitcoin appeared first on Times Tabloid.
