- SHIB rally has gained traction, generating market buzz around a potential rebound.
- For it to materialize, THIS is what to look out for.
As a seasoned researcher who has witnessed the memecoin market’s rollercoaster ride over the years, I can confidently say that the recent surge in SHIB trading volume is indeed promising. However, a guaranteed 400% rally for SHIB requires more than just high volumes – it needs a market environment ripe with overheating and declining Bitcoin activity.
In the past day, there’s been a thrilling surge in the memecoin market, as meme tokens have taken over the list of top performers.
At the moment of writing, Shiba Inu [SHIB] is being traded at approximately 0.00001818 USD and maintains its position in the 20th spot on the market. The trading volume has significantly increased by 21% over the last 24 hours, reaching an impressive $206 million. This substantial increase has sparked speculation among analysts that a potential 400% surge in SHIB could be forthcoming.
Typically, memecoins tend to post higher daily gains than Bitcoin as a market cycle nears its end.
This pattern follows a popular investment approach, where earnings made on Bitcoin are invested instead into well-established meme coins. The goal is to potentially achieve greater yields while maintaining a relatively safe investment climate.
Source : Glassnode
A similar pattern emerged during the September rally when BTC was nearing a rejection at $65K.
During that period, with the market becoming excessively hot, there was a substantial surge of funds pouring into memecoins. In particular, SHIB registered more than a 20% increase in value each day, boosted by a massive increase in trading activity which peaked at an astounding $13 trillion.
To put it simply, the significant increase of 21% in trading activity suggests an encouraging trend, sparking excitement in the market about the potential for Shiba Inu (SHIB) to surge by as much as 400%, possibly pushing its price beyond $0.000020.
THIS is needed for a guaranteed SHIB rally
Despite the uptick in trading volume, traders appear unconvinced about SHIB’s long-term gains.
The intense fear in the market, driven largely by overzealous enthusiasm towards Bitcoin, could have caused some investors to sell off their assets.
In other words, if traders perceive SHIB’s current price drop as a “dip” to buy, they could potentially reduce the selling pressure, much like in past occurrences.
Source : TradingView
At the moment, there appears to be little drive or enthusiasm for a substantial Shiba Inu coin price surge, as the Relative Strength Index (RSI) remains within its neutral range and uncertainty is increasing among investors.
It seems that Shiba Inu (SHIB) hasn’t drawn in new investors so far, despite Bitcoin pulling back after reaching $67K. The upcoming action of Bitcoin is significant; if Bitcoin retreats beneath important thresholds as the market becomes overheated, the rally for Shiba Inu could potentially pick up steam.
In other words, if the market becomes excessively hot (overheats) and Bitcoin trading volume decreases significantly due to investors cashing out their profits, it’s likely that Shiba Inu (SHIB) will experience a significant comeback or rally.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
As I’ve been observing the market trends, it seems that Bitcoin (BTC) has experienced a 20% dip in its trading volume over the past 24 hours. This potential drop could pave the way for Shiba Inu (SHIB) to make its move and possibly shine in the crypto space.
The MACD (Moving Average Convergence Divergence) might cross over soon, signaling a possible bullish trend. If Bitcoin exhibits reduced activity in the near future, it may suggest that investors are moving their profits into other assets. Under such circumstances, the Shiba Inu coin (SHIB) could potentially surge to $0.000020 by the end of this market cycle.
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2024-10-17 15:04