The post Shiba Inu: How falling Bitcoin volumes could fuel a 400% SHIB rally appeared on BitcoinEthereumNews.com.

SHIB rally has gained traction, generating market buzz around a potential rebound.  For it to materialize, THIS is what to look out for. The memecoin market has experienced an exciting 24 hours, with meme tokens dominating the gainers chart. Trading at $0.00001818 at press time, Shiba Inu [SHIB] has held steady in the 20th spot, with its trading volume surging 21% in 24 hours, reaching $206 million. This surge has led analysts to speculate that a 400% SHIB rally might be imminent. Typically, memecoins tend to post higher daily gains than Bitcoin as a market cycle nears its end.  This trend aligns with a common trading strategy where profits from BTC get redistributed into high-cap memecoins for a shot at higher returns in a low-risk environment. Source : Glassnode A similar pattern emerged during the September rally when BTC was nearing a rejection at $65K.  At that time, as the market overheated, a significant influx of capital flowed into memecoins, with SHIB alone posting over a 20% daily gain, supported by a spike in trading volume that reached $13 trillion. In short, the 21% rise in trading volume signals a promising development, generating buzz in the market that a 400% SHIB rally could soon push it above $0.000020. THIS is needed for a guaranteed SHIB rally  Despite the uptick in trading volume, traders appear unconvinced about SHIB’s long-term gains.  The panic in the market, fueled by excessive greed surrounding Bitcoin, may have led many to offload their holdings. However, if traders start viewing SHIB’s current price as a “dip” worth buying, they might absorb the selling pressure, similar to previous instances.  Source : TradingView Currently, the momentum for a significant SHIB rally seems absent, with the RSI hovering in the neutral zone and growing skepticism among traders.  This suggests that…

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Filed under: News - @ October 17, 2024 12:25 pm