- Shiba Inu has formed a hidden bullish divergence pattern, a bullish indicator.
- The recent Bitcoin price surge benefits SHIB.
- Analysts predict a potential target of $0.00081, representing a 306% increase
Shiba Inu, the popular meme coin, is on the verge of a parabolic rally. Market analysts predict a potential upside of $0.00081, representing a staggering 306% increase from its current price.
Following the announcement of the results of the American elections, the cryptocurrency market shifted into high gear, with Bitcoin in the lead. Shiba Inu, which has been closely correlated with Bitcoin’s price movements, is also riding the wave of optimism emerging from this broader market uptrend.
Still fairly fresh from a confirmed hidden bullish divergence and breakout, Shiba Inu, amid a roaring Bitcoin market, can gear up for its next level performance towards the $0.00081 target! This goal is currently at over 306% and a push towards this could be IMMINENT!
By digging into technical metrics, SHIB formed a hidden bullish divergence pattern, a bullish indicator that often precedes a significant price increase. Additionally, the cryptocurrency recently emerged from a consolidation phase, reinforcing the bullish scenario.
Shiba Inu after the elections
That said, the token has entered a bullish phase, driven more by external factors. Experts estimate that the next week to 10 days will be crucial to know if SHIB may or may not maintain this trend. The recent US elections have reduced political uncertainty, prompting investors to embrace riskier assets like cryptocurrencies. This abandonment of risk aversion benefits the asset in question.
The broader crypto market is gradually recovering, which bodes well for SHIB’s long-term prospects. Short-term gains could further accelerate this positive trend. Overall, investors and traders are closely monitoring SHIB’s price action as it could be on the verge of a major breakout. While it is important to remember that the cryptocurrency market is very volatile, the current bullish sentiment around SHIB is undeniable.