Shiba Inu Poised For 180% Upside, Says Analyst — HODLers Keep Selling

Popular dog-themed cryptocurrency Shiba Inu (CRYPTO: SHIB) lifted sharply Wednesday amid a broader market rally.

What happened: The second-largest meme coin by market capitalization jumped over 10% over the last 24 hours, outpacing its senior Dogecoin (CRYPTO: DOGE).

The uptick came after Bitcoin reclaimed the $100,000 level, sparking a broader market rally.

See Also: Ark Invest’s Cathie Wood Hails Bitcoin’s $100K Climb As A ‘Big Deal,’ Labels Apex Crypto As Gold Substitute And Emerging Reserve Currency

Widely followed analyst JAVON MARKS predicted a major upside move for SHIB, setting a target of $0.000081.

"With this target at $0.000081 continuing to be in play, we could be soon witnessing a more than 180% climb unfold in front of our eyes, and it may just already be in effect as we speak," the analyst remarked.

The readings of moving averages also supported the coin's bullish potential. Nearly all of SHIB's Exponential Moving Averages and Simple Moving Averages flashed a ‘Buy' signal, per TradingView.

The Bull Bear Power indicator, used for measuring the strength of buyers and sellers in the market, also flashed a ‘Buy' signal.

However, the balance held by long-term SHIB investors fell by 0.08% during the last 24 hours, according to IntoTheBlock, implying that selling rather than HODLing was the dominant market activity.

Derivatives traders also raised their bearish bets, with the ratio of shorts out of total speculative bets rising dramatically, according to Coinglass data.

Price Action:  At the time of writing, SHIB was exchanging hands at $0.00002952, up 10.20% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

• Dogecoin Can Touch $18 If Things ‘Go Wild,’ Says Influential Crypto Trader: ‘Thankful For The Dip And Will Buy More’