October has yet to live up to its historically bullish nature on the broader cryptocurrency market. Bitcoin and most altcoins have fluctuated in price as market volatility prevented consistency in price growth. With just a few days remaining to the end of “Uptober,” Shiba Inu (SHIB) appears set to pull surprising moves on the cryptocurrency market.
Shiba Inu and Bitcoin decoupling
Data shows that the dog-themed meme coin has decoupled from Bitcoin, the world’s leading digital currency. In the past 24 hours, Shiba Inu has risen by 29.66% in market volume to $203.57 million. Similarly, following a week of price decline, SHIB has entered rebound mode and climbed by a notable 6.03% to trade at $0.00001706.
Shiba Inu’s pivotal moment came after it reached $0.00001605, bouncing off the $0.0000160 support level. However, market sentiment remained bullish, helping SHIB gain momentum as more investors bet on the meme coin regaining its price.
Bitcoin has also shaken off market volatility and seen its price cross into the $68,000 zone again. The coin had slipped after many anticipated a climb to $70,000 last week. Despite BTC’s rebound at $68,584, SHIB is recording a more ambitious rally based on price growth and volume.
Golden cross could propel Shiba Inu further
Market experts predict that the dog-themed meme coin might reach new milestones if SHIB can sustain its current momentum into November. As reported by U.Today, SHIB is slowly approaching a potential golden cross, which could signal huge price increases for the meme coin.
Based on analysis, SHIB’s 50-day EMA has progressed close to its 200-day EMA. This remains a crucial indicator in the golden cross configuration which, if achieved, could trigger renewed interest in the token.
While the market awaits a further uptick in the price of Shiba Inu, a whale investor has caused the ecosystem some concern. The whale’s transaction has dropped Shiba Inu from the “trillionaire club,” decreasing its volume to 895.12 billion SHIB. Community sentiment, however, considers this a “temporary setback” from which they hope to bounce back.