Shiba Inu (SHIB) Sees Bullish Surge as Expert Predicts Major Rally

Shiba Inu (SHIB) bullish rally has had the upper hand in the last day after establishing support at the intra-day low of $0.00002954. SHIB’s price trajectory has been positively influenced by a confluence of factors, including endorsements from high-profile figures in the cryptocurrency industry, significant token movements, and a surge in trading volume. These developments have collectively contributed to a renewed optimism among investors and enthusiasts.

 

At press time, SHIB was trading at $0.00003048, a 2.80% surge from the intra-day low. Concurrently, SHIB’s market capitalization and 24-hour trading volume surged by 2.8% and 40% to $17,961,526,631 and $2,315,476,220, respectively.

SHIB/USD 24-hour price chart (source: CoinMarketCap)

Expert Predicts Shiba Inu’s Bullish Trajectory

An expert in the field has projected that Shiba Inu is poised to ride its 5th Elliott Wave to an impressive price level of $0.0001019. This prediction is grounded in the Elliott Wave theory, which posits that market prices unfold in predictable wave patterns. According to this analysis, SHIB is currently in the fourth wave of a five-wave pattern, suggesting that the completion of this phase could usher in a significant upward movement for the cryptocurrency.

 

The bullish forecast is further bolstered by recent market activities that saw Shiba Inu recover from a temporary dip, reinforcing the asset’s resilience and potential for growth. The anticipation of entering the fifth wave has sparked discussions within the community, with many investors closely watching the asset’s performance for signs of the predicted rally.

 

In parallel developments, Shiba Inu has experienced a notable increase in trading volume, positioning it among the top-traded cryptocurrencies in recent days. This surge in volume is indicative of heightened market activity and growing investor interest, which could play a crucial role in driving the asset’s price higher. The increase in trading volume has been accompanied by 2 trillion SHIB tokens migration away from KuCoin, suggesting a possible accumulation by long-term holders.

The asset’s trading dynamics have also been influenced by new listings, which have expanded SHIB’s accessibility and visibility within the cryptocurrency space. The addition of SHIB and its related token, BONE, to various trading platforms, has not only bolstered the tokens’ liquidity but also attracted a broader audience of potential investors, further contributing to the bullish sentiment surrounding Shiba Inu.

Vitalik Buterin’s Endorsement

Adding to the positive momentum, Ethereum co-founder Vitalik Buterin recently expressed his admiration for Shiba Inu, further elevating the token’s profile within the crypto community. Buterin’s endorsement, known for his influential role in the industry, has added a layer of credibility to SHIB and sparked increased interest among investors. This development, coupled with the expert’s bullish prediction, has contributed to a sense of optimism regarding Shiba Inu’s prospects.

Buterin’s previous interactions with Shiba Inu, including significant donations to charitable causes using the token, have also highlighted the utility and potential impact of SHIB beyond its market value. These factors collectively underscore the growing recognition of Shiba Inu within the cryptocurrency ecosystem, both as an investment asset and a tool for philanthropic endeavors.

SHIB/USD Technical Analysis

The Moving Average Convergence Divergence (MACD) has moved above its signal line with a rating of 0.00000088, indicating that bullish momentum is increasing. This might imply a potential upswing in the near future, making it a good time to consider entering the market. This trend in the SHIBUSD pair may provide possibilities for traders hoping to profit from the rising momentum. The MACD histogram also indicates an upward increase, which supports the bullish view.

SHIB/USD 4-hour price chart (source: TradingView)

 

In addition, The Rate of Change (ROC) is trending upward, with a rating of 6.55, adding to the positive feeling and indicating significant purchasing pressure in the market. The ROC trend suggests that investors may want to consider taking a long position in SHIBUSD to capitalize on possible profits.

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