Shiba Inu has decoupled from Bitcoin, showing independent price movements despite the overall market volatility. This development comes as the cryptocurrency market, including Bitcoin and other altcoins, has experienced fluctuations, with October not achieving traditional bullish expectations. Now, as this month comes to a close, SHIB is emerging as a standout token with surprising momentum.
According to data from CoinMarketCap, SHIB's trading activity shows significant market volume increasing to $544.16 million within 24 hours. Meanwhile, the price of SHIB has recovered by 8.71%, reaching $0.0000184 after a brief decline. The initial turning point for this token was when it reached $0.00001605 and stabilized around the support level of $0.0000160.
With the overall market sentiment trending positively, the asset's momentum has strengthened as investors anticipate this meme coin will continue to grow. On the other hand, the price of Bitcoin has risen to $71,135 after recent fluctuations, although the increase remains modest compared to SHIB's current trajectory.
Golden Cross Signals Price Increase Potential
Analysts believe that this token could achieve new milestones if it maintains its current pace until November. An important technical pattern, the golden cross, appears to be forming and historically signals significant bullish potential.
SHIB's 50-day exponential moving average (EMA) is nearing the 200-day EMA, a configuration that, if completed, often attracts new interest from investors. This pattern is closely monitored in the cryptocurrency community as it is seen as a signal of an impending bullish trend.
While the golden cross is approaching, the ecosystem of this token has recently faced a challenge as a large whale investor withdrew their holdings, causing trading volume to drop from the 'trillion club' to 895.12 billion SHIB.
Although this trade caused a temporary delay, community sentiment remains optimistic that the token can recover after this change and continue its upward trajectory. The community has reacted positively, viewing whale activity as a minor disruption in the broader context of the token's performance.
Market Position and Outlook
With the asset continuing to rise, this remains a turning point for traders looking to capitalize on its recent separation from Bitcoin. This divergence from Bitcoin's influence may indicate a strengthening market momentum for SHIB, driven by community support and technical momentum.
Recent performance of Shiba Inu has demonstrated strength in an unstable market, with strong volume growth and significant price recovery. As it approaches a potential golden cross and builds on its current decoupling from Bitcoin, the asset remains positioned for further increases.
However, as is often the case in the cryptocurrency market, further growth may depend on market conditions and sustained trading interest, especially from large investors.
