Shiba Inu Surges 36%, Triggers Golden Cross—Can SHIB Break Through Key Resistance?

• Shiba Inu has been predicted to be targeting a critical resistance level at $0.000035 to advance towards the $0.00081 zone in a 300% run. 
• Currently, whales are aggressively accumulating the asset; however, analysts anticipate a short-term pullback from the 30% addresses that are currently in profit. 

Shiba Inu (SHIB) has emerged as one of the biggest winners in the recent rally as it made a 36% surge in just 24 hours to trade at $0.000028. According to our market data, the asset has taken a marginal nosedive to shrink a significant portion of this gain, as it currently has a daily positive return of 11%. Meanwhile, its seven-day gain is still around 53%.

Subjecting Shiba Inu to technical analysis, we discovered that the asset had formed a bullish “Golden Cross” pattern with its 50-day Exponential Moving Average (EMA) crossing the 200-day EMA. This implies that the bearish effect of the Death Cross emanated some months ago has been invalidated.

Source: TradingView

Assessing the current market trend, our analysts observed that the bullish momentum could be extended but should be approached with caution. The reason is that 30% of Shiba Inu addresses are in profit. In this case, they may resort to liquidation and subject the asset to a bearish reversal.

Currently, SHIB would have to breach its immediate resistance level of $0.00002976 to enter the psychological level of $0.00003000. However, failure to secure this position could see the asset pulling back to the $0.00002267 level. Meanwhile, an analyst identified as Kizoki believes that the asset could likely focus on the upward trend and secure the $0.000035 level before targeting the $0.000045 zone.

Analyst Predicts 300% Run for Shiba Inu

For analyst Javon Marks, Shiba Inu would likely hit $0.00081 in a 300% run.

Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), amid a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target! This target’s currently over 306% away and a push to could be of IMMINENCE.

In October, Marks pointed out the formation of a Hidden Bull Divergence pattern with a major price movement.

Source: Javon Marks

In that thesis, he repeated the 300% potential run.

Recently, $SHIB (Shiba Inu) showcased a slightly positive response to a Hidden Bull Divergence pattern with major positive price movement, and prices here can be prepared to deliver more! With a breakout also holding, the $0.000081 target goes unchanged and that divergence pattern may have only signaled to us that a continuation within an over 330% climb to reach it could be coming. We could be in the early stages of a massive continuation right now…

Amid the ongoing price surge, IntoThe Block data has disclosed that SHIB has just recorded its largest weekly transaction volume in this quarter. Within the period, transactions above $100,000 in SHIB reached an amount of $294.64 million. On top of that, 4.81 trillion SHIB ($91.91 million) was exchanged in just 24 hours.

Whale activities have also increased by 437% from October 27, indicating a growing investors’ interest and bullish outlook. Prior to that, CNF reported that a whale had moved $2 million worth of the assets in three transactions from Coinbase.