During the Sunday trading session, the crypto market witnessed a massive inflow as Bitcoin prices hit a new high of $80,137. The buying pressure extended the recovery trend to mostly major altcoins, including SHIB. A crypto analyst highlights this rally coincides with a confirmed hidden bullish divergence in Shiba Inu price, signaling the potential for a 309% surge.
By press time, the SHIB price had traded at $0.0000276, with an intraday gain of 34.6%. According to Coingecko, the global market cap was $20.58 billion, while the 24-hour trading volume was $2.53 billion.
Analyst Forecasts 300% Rally for Shiba Inu Price Amid Hidden RSI Divergence
On November 10th, the crypto market witnessed an extended recovery primarily triggered by the Donald Trump victory in the 2024 presidential election. Amid such dynamic change, the top memecoin often provides a rapid and high-momentum rally due to its volatile nature.
Thus, the popular dog-themed meme cryptocurrency Shiba Inu sharply recovered from $0.00001685 to $0.000025, registering a 49% surge. Consecutively, the SHIB’s market cap pumped to $14.93 Billion.
Amid the roaring Bitcoin market, crypto analyst Javon Marks highlights a bullish outlook for Shiba Inu price amid the formation of hidden bull divergence. This bullish continuation setup emerges when the momentum indicator RSI (relative strength index) forms a lower low against the higher low formation in price.
Theoretically, this suggests that sellers’ attempts to initiate a corrective trend, as evidenced by a lower RSI, have failed. Instead, the price formed a higher high, highlighting sustained demand pressure.
Expanding on Mark’s analysis, the Shiba Inu price gave the necessary breakout from $0.00002, signaling its escape from a 5-month consolation. The recent surge has significantly covered the 300% potential for the target to $0.000081, as the current price shows it is 214% away.
The analysis also shared an extended crypto bull target of $0.00015.
SHIB Adoption Accelerates with Surge in Active Addresses and Growth
According to Santiment data, Shiba Inu (SHIB) has seen a significant spike in 24-hour active addresses, reaching 5,184, alongside a surge in network growth to 3,045. This indicates increased user activity and growing adoption of the SHIB network, signaling heightened investor interest and potentially strengthening the token’s fundamentals.
Such activity often correlates with bullish price action and a growing ecosystem.
However, the asset price often enters a temporary correction after a significant rally to recuperate the bullish momentum. Thus, the Shiba Inu price prediction could revisit the $0.00002 level to seek support.
Frequently Asked Questions (FAQs)
Analysts highlight a confirmed hidden bullish divergence, where the RSI forms a lower low while the price forms a higher low. This setup indicates strong demand pressure and signals the potential for a 300% rally, targeting $0.000081.
The surge is fueled by the broader crypto market recovery after Bitcoin hit $80,137, coupled with increased adoption indicated by a spike in 24-hour active addresses
The immediate price target for SHIB is $0.000081, with an extended bull target of $0.00015
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-300-for-shiba-inu-price-hidden-divergence/
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