Shiba Inu Breaks Out On A 73% Weekly Rampage, Eyes Over 300% Target
12 Novembro 2024 - 10:30AM
NEWSBTC
A lot of limelight has been seen recently on Shiba Inu (SHIB)
making it one of the hottest topics to consider in the
cryptocurrency arena. The price of SHIB rose by more than 70% over
the past week, to the delight of investors and dealers. The trading
volume has surged to as high as 246%, reaching an unprecedented
high of $6.18 billion, putting to rest doubt over where SHIB will
trend next. Related Reading: Shiba Inu Strategic US Hub Plan Sends
SHIB Price On A 23% Moonshot SHIB & The Trump Effect Analysts
however contend that the rise in SHIB can be ascribed to the
rampant zeal witnessed in the cryptocurrency space fueled by some
recent events in the US, including Donald Trump’s election victory,
which has invigorated market sentiment – and his endorsement of
Elon Musk for a proposed crypto department once he starts work as
president. Amidst this anticipation, SHIB has set its sights on a
rather steep growth curve. Currently situated a notch below where
it should be, this degree of undervaluation points to the potential
for a sharp uptrend within a few days from now. In the medium term,
SHIB’s price forecast is rather optimistic given the projected
91.16% increase in the price over the next 6 months. This suggests
that this meme token could be on an upward trajectory for quite
some time as it cements its position among the leading crypto
assets. Market Sentiment On The Rise The cryptocurrency landscape,
on the other hand, paints a much broader and more optimistic
picture, thereby raising a lot of expectations around SHIB. Market
experts believe that the victory of Trump has created a market
euphoria that complements the rally of Bitcoin and the rest of the
digital assets and helps in the upward trajectory of SHIB. Whale
Activity Indicates Interest Apart from market mood, on-chain data
shows an increase in activity by important SHIB holders, known as
“whales.” Data by IntoTheBlock shows that early November saw a
notable rise in the volume of these high-value transactions—6.47
trillion SHIB overall. A high level of whale activity typically
indicates a strong interest from significant investors, as they
position themselves for potential future gains. An indicator that
SHIB may be in for another round of price jumps is this pattern of
accumulation among large participants. Still fairly fresh off of a
confirmed Hidden Bull Divergence and holding broken out, $SHIB
(Shiba Inu), in the midst of a roaring Bitcoin market, can be
getting ready for its next level performance towards the $0.00081
target! This target’s currently over 306% away and a push to…
https://t.co/0ySjEfPQgF pic.twitter.com/DwklAFs8zj — JAVON⚡️MARKS
(@JavonTM1) November 8, 2024 Related Reading: Unstoppable Bitcoin:
BTC Price Barrels Past $81,000 For New ATH — $82k Now Within Reach
SHIB’s Route To A Significant Price Target Meanwhile, market
observers are currently focusing on a potential target of $0.00081,
which would represent a 306% increase from current levels,
following recent technical breakouts and a confirmed concealed
bullish divergence on the charts. Featured image from DALL-E, chart
from TradingView
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