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Shiba Inu Forms Golden Cross Following 10% Price Rally: What’s Next?
Dog-themed cryptocurrency Shiba Inu (SHIB) has flashed a key technical signal – a golden cross – on its four-hour chart, fueling optimism among traders and investors. This bullish crossover occurs when the short-term moving average (typically the 50-period) crosses above the long-term moving average (typically the 200-period), which is frequently seen as a signal of continued upward momentum.
In the last 24 hours, SHIB has increased by 10%, riding the wave of a larger crypto market boom that has lifted several major altcoins. Bitcoin reached a fresh all-time high as investors piled into risk assets and closed short positions. Additionally, over $1.30 billion in crypto positions were liquidated in the last 24 hours, according to CoinGlass, with $1.15 billion in shorts accounted for this figure, marking the largest day of short liquidation in four years.
The gain is consistent with the risk sentiment on the cryptocurrency market, with several digital assets recording double-digit gains. SHIB’s impressive month-to-date gain follows a successful defense of the April low at around $0.00001005, indicating the formation of a double bottom pattern on the daily chart. If confirmed, the pattern’s resistance is represented by the May high of $0.00001764. A breakout past that level would indicate a significant bull run.
SHIB has broken out of a consolidation range held since late May, rising above the daily SMA 50 at $0.0000124. SHIB continues to face key short-term resistance at the daily SMA 200 of $0.0000149.
Source: u.today
