Shiba Inu, the second-largest meme coin in the industry, has experienced a significant price breakout as a rare bullish pattern has formed. The price of Shiba Inu rose for four consecutive days, reaching $0.00001870, marking a 72% increase from its September lows. This rally coincided with the surge of other popular meme coins such as Dogecoin, Pepe, Popcat, and Floki.
The overall cryptocurrency market has been on an upward trend, with Bitcoin surpassing the significant resistance level at $71,000 as bulls target its all-time high. The recent price surge of Shiba Inu and other coins can be attributed to several factors. Firstly, prediction markets are pointing to a strong likelihood of a Donald Trump win in the upcoming U.S. general election. This is viewed positively by market participants due to Trump’s pledge to appoint crypto-friendly regulators and his personal investment in the crypto industry.
Secondly, the rise of Shiba Inu is also linked to easing geopolitical tensions, particularly in the Middle East. Israel’s mild retaliation against Iran has calmed fears in the region, leading to a boost in other asset classes like stocks and bonds. Lastly, the increasing demand for meme coins has contributed to the price surge, with all meme coins reaching a combined market cap of $68 billion.
One significant development for Shiba Inu is the formation of a golden cross chart pattern, where the 200-day and 50-day Exponential Moving Averages have crossed. The last time this pattern occurred was in December, leading to a strong bullish breakout. If Shiba Inu manages to rise above the significant resistance level at $0.000021, it could signal further gains, potentially reaching $0.0000294, its highest level on May 29.
Overall, the positive momentum in the cryptocurrency market, coupled with the unique factors driving the price surge of Shiba Inu, has positioned the meme coin for potential further gains in the near future. Investors and traders will be closely monitoring the price movements of Shiba Inu and other meme coins as the market continues to evolve.