Shiba Inu price breaks out as a rare bullish pattern forms

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As a seasoned researcher with a decade of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent surge in Shiba Inu (SHIB) and other meme coins. The parallels between the current rally and the market conditions of 2017 are uncanny, reminding me of a wild rollercoaster ride I took back then that left me both exhilarated and nauseous!

Over a span of four days, the cost of Shiba Inu increased significantly, mirroring the surge of Bitcoin and other digital currencies, in anticipation of the forthcoming U.S. general election.

In an intriguing turn of events, Shiba Inu (SHIB), one of the biggest meme cryptocurrencies on the market, reached a peak of $0.00001870 – a 72% surge from its September lows. This uptrend mirrored the movement of other well-known meme coins. For instance, Dogecoin (DOGE) experienced a 14% jump, while Pepe (PEPE), Popcat (POPCAT), and Floki (FLOKI) saw their values rise by more than 10%. Meanwhile, Bitcoin broke through the crucial resistance barrier at $71,000, with investors aiming to push it back towards its all-time high.

The prediction markets, such as Polymarket, Kalshi, and PredictIt, are suggesting a high probability for Donald Trump to win next week’s election. These platforms forecast Trump’s chances at around 66%, according to Polymarket, while Kalshi and PredictIt estimate his odds slightly lower, at about 60%.

As a crypto investor, I’m keeping an eye on political predictions too, and a recent Polymarket poll hints at an intriguing possibility: The Republicans might secure both the popular vote and the presidency, a situation unseen for nearly half a century.

Market participants see a potential Trump victory favorably because he intends to install regulators who are sympathetic towards cryptocurrencies. Furthermore, Trump himself holds investments within the cryptocurrency sector.

The surge of Shiba Inu can be linked to the easing of geopolitical conflicts, particularly in the Middle East. An unexpectedly moderate response by Israel against Iran left many experts taken aback, as Iran’s valuable oil resources remained undisturbed. Dwindling geopolitical worries have led to a significant increase in other assets such as stocks and bonds.

thirdly, the surge in the value of Shiba Inu can be attributed to an escalating interest in meme cryptocurrencies. It appears that these digital currencies have collectively amassed a market capitalization of $68 billion, positioning them as top performers within the crypto sector.

Shiba Inu price formed a golden cross

Remarkably, Shiba Inu has recently developed a chart pattern known as a “golden cross,” characterized by the intersecting of its 200-day and 50-day Exponential Moving Averages. Previously, this golden cross pattern appeared in December, triggering a significant bullish surge that propelled the price from $0.000010 to $0.000045.

If Shiba Inu manages to surpass the significant resistance at $0.000021 (its peak on Sep. 27), we’ll have a clearer indication of further price increases. Should it break this level, there’s potential for additional growth, possibly reaching its highest point on May 29 at $0.0000294.

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2024-10-29 16:33