Shiba Inu (SHIB) Crypto Set to Surge 200% Amid Reduced Bitcoin Correlation
The Essentials in Brief
Shiba Inu (SHIB), the popular cryptocurrency often referred to as a “meme coin,” is showing signs of a possible 200% price increase after reducing its correlation with Bitcoin (BTC). This is based on technical indicators and market analyses that have observed a decoupling of price movements between SHIB and BTC in recent weeks.
Decoupling from Bitcoin: A New Trend?
In recent months, the price movement of SHIB has been strongly correlated with that of Bitcoin. However, an analysis by IntoTheBlock has shown that this correlation has recently diminished. While Bitcoin continues to see positive price development, SHIB has experienced a 5.72% decline in the same period. This decoupling could suggest that capital is flowing from Bitcoin to altcoins like SHIB, which could mean a potential price increase for the meme coin.
Technical Analysis: Bullish Signals for SHIB
The technical analysis, especially the consideration of the Exponential Moving Averages (EMA), shows a bullish long-term trend for SHIB. Currently, the price of SHIB is significantly above the 50- and 200-day EMAs, indicating strong support and possible further growth. The Fibonacci Indicator even suggests that SHIB has the potential to reach a price of $0.00013, which would correspond to an increase of over 200%.
Short-Term Outlook and Capital Flow
In the short term, the price of SHIB could reach $0.000030 again according to the Money Flow Index (MFI). The MFI, which is close to 60.00, indicates that significant capital is flowing into the token. If this trend continues, SHIB could outperform BTC in the coming weeks, although it is unlikely that SHIB will reach or exceed the number of Bitcoin holders.
Our Assessment
Although SHIB started as a meme coin, current developments and analyses show that its market potential should not be underestimated. The decoupling from Bitcoin and the bullish technical indicators could suggest that SHIB is an interesting option for investors looking for short to medium-term gains. However, it remains important to closely monitor market developments and base investment decisions on comprehensive analyses and personal risk tolerance.
Sources
– Santiment
– TradingView
– IntoTheBlock
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