The popular dog-themed Cryptocurrency, Shiba Inu (CRYPTO:SHIB), rose sharply on Wednesday amid a broad market rally.
What happened
The second largest market cap meme cryptocurrency rose more than 7% over the last 24 hours, surpassing its big sister, Dogecoin (CRYPTO:DOGE).
The rally came after Bitcoin hit the $100,000 level again, sparking the broader market rally.
The analyst JAVON MARKS predicted a big move higher for SHIB, with a target of $0.000081.
“With this $0.000081 target still in play, we could soon see a rise of over 180%, and it could have started to take effect as we speak,” the analyst commented.
$SHIB (Shiba Inu) has confirmed recently, yet another Bullish Pattern and all of its recent has led into continuations, so we can be in for yet another major upside move, but with breakouts holding and one implying $0.000081 to be in play, it can be greater than many think!
With… https://t.co/yiK6w67Cly pic.twitter.com/9wdsLpZdSi
— JAVON⚡️MARKS (@JavonTM1) December 11, 2024
Moving average readings also supported the cryptocurrency’s bullish potential. Almost all SHIB exponential and simple moving averages showed a “buy” signal, according to TradingView.
The Bull Bear Power indicator, which is used to measure the strength of buyers and sellers in the market, also showed a “buy” signal.
However, the balance held by long-term investors in SHIB decreased by 0.08% in the last 24 hours, according to data from IntoTheBlock. This suggests that the predominant activity in the market was selling rather than long-term hoarding (HODLing).
Derivatives traders have also increased their bearish bets, with the proportion of shorts out of total speculative bets soaring, according to data from Coinglass.
Shiba Inu Price Movement
At press time, SHIB was trading at $0.00002914, up 7.51% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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