Shiba Inu Bull Run: Could Bitcoin’s Surge Catapult SHIB to New Heights?
coinedition.com 22 July 2024 18:46, UTC Shiba Inu Coin ($SHIB) has recently surged, reaching a price of $0.0001, generating excitement among holders, as noted by analyst Oscar Ramos. Currently, SHIB is trading at $0.000018, down 0.86% over the past 24 hours.
With a daily trading volume of $422,566,277, market activity remains high. However, the coin has underperformed compared to other meme coins, experiencing lower trading volumes and a stagnant market cap.
SHIBA INU COIN $0.0001 Price is Now Confirmed! IMO It’s a DONE DEAL
Here’s exactly why $SHIB Holders pic.twitter.com/5YGP09Ei1E
— Oscar Ramos (@realOscarRamos1) July 22, 2024
The cryptocurrency market is witnessing significant shifts, driven primarily by Bitcoin’s recent bullish trend. Bitcoin is projected to potentially reach $200,000 by 2024-2025, influenced by various macroeconomic factors and political dynamics. This bullish outlook for Bitcoin could have a ripple effect on altcoins like Shiba Inu.
Historically, Bitcoin’s performance has been a critical factor in the overall market sentiment, and a strong Bitcoin trend often boosts the performance of other cryptocurrencies, including SHIB.
In recent months, SHIB has not seen the vibrant price movements that characterized earlier periods. The coin’s last major bullish phase occurred in early March, but it has since remained relatively flat. This stagnation might soon change, especially with the potential for Bitcoin to lead a broader crypto market rally. Consequently, if Bitcoin’s positive momentum continues, SHIB could break its previous price highs and potentially reach new levels.
Political factors in the U.S. are also shaping the crypto landscape. With upcoming elections and potential shifts in regulatory policies, the crypto market could experience volatility.
A favorable outcome for Donald Trump in the elections could positively impact Bitcoin and, by extension, Shiba Inu. This political scenario could introduce favorable regulatory conditions for cryptocurrencies, further influencing SHIB’s market performance.
Shiba Inu /USD 1-day price chart, Source: Trading view
The 1-day Relative Strength Index (RSI) reads 48.86, suggesting that SHIB is neither oversold nor overbought. Meanwhile, the 1-day MACD, trading above the signal line, indicates a potential for upward momentum.
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