In a thrilling turn for cryptocurrency enthusiasts, Shiba Inu (SHIB) is positioned for a potential 300% price surge, driven by a bold prediction from renowned Bitcoin analyst PlanC. As the crypto market witnesses a robust upswing, the question on everyone’s lips is: Can SHIB capitalize on this bullish trend?
SHIB Rallies Amid Bitcoin Momentum
Over the last 24 hours, Shiba Inu’s price has climbed 7.8% to $0.00001824, making it one of the top gainers in the crypto space. This surge is part of a broader market movement, with Bitcoin’s recent momentum pushing the entire cryptocurrency market up by 3.2%. With Bitcoin now surpassing the critical psychological threshold of $70,000, optimism is in the air.
PlanC asserts that the era of extreme volatility characterized by drops of 80% or more is behind us. His analysis suggests that Bitcoin is merely at “Base Camp” for a much larger ascent, which could have a profound impact on SHIB, given its strong correlation with Bitcoin.
A Correlation that Counts
The relationship between SHIB and Bitcoin is significant, with an 82% correlation on a 3-day timeframe and 76% on a weekly basis. This means that as Bitcoin rises, Shiba Inu is likely to follow suit. PlanC notes that Bitcoin’s recent price action, along with favorable metrics from the Glassnode Entity-Adjusted Short-Term Holder Net Unrealized Profit & Loss, indicates that the market is far from reaching its peak.
As Bitcoin prepares to break above its all-time highs, Shiba Inu may very well be poised for a rally.
Price Levels to Watch
Shiba Inu’s recent breakout in mid-September hit a snag around $0.000019, but the current bullish sentiment may lead to a breakthrough of this resistance. Key levels to monitor include $0.000019, which, if surpassed, could pave the way for a climb toward $0.0000299—a significant 63% increase from current levels. Should momentum persist, targets of $0.000045 and even $0.000060 are on the horizon, representing potential gains of 215%.
However, not all indicators are bullish. A drop below $0.00001200 could derail the bullish thesis and invalidate an inverse head and shoulder reversal pattern, signaling a bearish shift.
Also Read: Shiba Inu Community Prepares Major Shiboshis Update – Will SHIB’s 1% Dip Turn Into Gains?
The upcoming U.S. elections are expected to provide a further boost to Bitcoin and related assets like Dogecoin (DOGE), which shares a remarkable 97% correlation with SHIB. As market sentiment evolves, Shiba Inu could greatly benefit from the ripple effect of these developments.
In summary, as Bitcoin solidifies its position and market conditions appear more stable, Shiba Inu stands on the brink of potentially significant price movements. Traders should keep a close eye on key resistance levels at $0.000019 and support levels around $0.000015. With the right market conditions, SHIB could indeed be gearing up for a remarkable 300% surge.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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