Shiba Inu price breaks out as a rare bullish pattern forms

The Shiba Inu price has risen for four consecutive days as Bitcoin and other altcoins rise ahead of the upcoming US general election.

Shiba Inu (SHIB), the second largest meme coin in the industry, is up 72% from September lows to $0.00001870. Its rise coincided with that of other popular meme coins. Dogecoin (DOGE) increased by 14%, while Pepe (PEPE), Popcat (POPCAT) and Floki (FLOKI) increased by over 10%. Similarly, Bitcoin broke through the key resistance level at $71,000 as bulls target a new all-time high.

There are three potential reasons why Shiba Inu and other cryptocurrencies are performing well. First of all, prediction markets such as Polymarket, Kalshi and PredictIt point out that Donald Trump has a strong chance of winning in next week’s elections. While Polymarket puts the chance at 66%, Kalshi and PredictIt see this rate as 60%.

Another Polymarket poll shows Republicans have a better chance of winning the popular vote and the Presidency; This is a scenario not seen for decades.

Trump’s win was welcomed by market participants due to his commitment to appoint crypto-friendly regulators. Trump also has a personal investment in the crypto industry.

Second, the rise of the Shiba Inu is attributed to the easing of geopolitical tensions, especially in the Middle East. Israel launched a relatively mild retaliatory strike against Iran, surprising many analysts by leaving Iran’s valuable oil assets untouched. The easing of geopolitical fears has caused other assets such as stocks and bonds to rise significantly.

Thirdly, the price increase of Shiba Inu is due to the increased demand for breast coins. Data shows that all meme coins have reached a combined market cap of $68 billion, making them one of the best-performing assets in the crypto industry.

Shiba Inu price created a SHIB chart with golden cross by TradingView

Notably, the Shiba Inu formed a golden cross chart pattern where the 200-day and 50-day Exponential Moving Averages crossed. SHIB last formed a golden cross in December, which led to a strong rise from $0.000010 to $0.000045.

Further uptrends will be confirmed if Shiba Inu breaks above the key resistance level of $0.000021, the high of September 27. A move above this level could signal further gains and potentially reach the May 29 high of $0.0000294.