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In a surprising shift, Shiba Inu (SHIB) has decoupled from Bitcoin, gaining nearly 30% in trading volume and rising by 6.03% to $0.00001706. With market enthusiasm building, SHIB’s October rally defies Bitcoin’s slow performance, hinting at ambitious milestones ahead.
Shiba Inu Poised for Unexpected Moves as Bitcoin Falters in 'Uptober'
When it comes to the overall bitcoin market, October has not yet delivered the goods, despite its often optimistic reputation. Market volatility has hindered consistent price rise for Bitcoin and most altcoins, causing their prices to fluctuate.
In the final days of "Uptober," Shiba Inu (SHIB) looks poised to make some unexpected moves in the cryptocurrency market.
Shiba Inu Decouples from Bitcoin with Significant Gains
The data shows that the meme coin with a dog motif has separated from Bitcoin, the top digital money in the world.
The market capitalization of Shiba Inus has increased to $203.57 million, a 29.66% increase, in the last day. Similarly, SHIB has begun to recover from a week of price drops, and it has recovered 6.03% to $0.00001706.
Market Sentiment Boosts SHIB's Momentum
The turning point for Shiba Inu occurred when the price bounced off the $0.0000160 support level and reached $0.00001605. However, market sentiment stayed positive, which boosted SHIB's momentum as more investors staked their bets on the meme coin, causing its price to recover, U.Today points out.
Bitcoin Recovers, But SHIB Outpaces Growth
Also, Bitcoin's price has recovered from market instability and is back above $68,000. Many were expecting the coin to rise to $70,000 last week, but it fell instead. Based on price growth and volume, SHIB is registering a more ambitious rally, even if BTC has recovered to $68,584.
Potential Golden Cross Signals Massive SHIB Price Hikes
Experts in the market think that if SHIB can keep its momentum going into November, the dog-themed meme coin can reach new heights. The meme coin SHIB may see massive price hikes as it approaches a possible golden cross, according to U.Today.
Analyses show that the 50-day exponential moving average (EMA) of SHIB is getting close to the 200-day EMA. Reviving interest in the token could be triggered if this critical indicator in the golden cross setup is achieved.
