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Shiba Inu Forms Golden Cross Following 10% Price Rally: What’s Next?
The cryptocurrency market has been abuzz with activity as several digital assets have experienced significant gains in recent days. One of the most prominent movers is Shiba Inu (SHIB), which has seen its price surge by a remarkable 20% this month. The asset’s impressive performance has led to a golden cross on its four-hour chart, signaling continued upward momentum.
The golden cross occurs when the short-term moving average (50-period) crosses above the long-term moving average (200-period). This technical indicator is often viewed as an indication of sustained growth and may signal buyers’ enthusiasm for SHIB. The rally has led to a massive influx of activity in the asset, with over 518 trillion tokens being bought by 165,380 addresses in the range between $0.000014 and $0.000019.
The price movement of SHIB is likely to be influenced by several factors. Firstly, investors may continue to pump up their positions as they ride the wave of the crypto market rally. This increase in buying pressure could further push the asset’s valuation upward.
Source: u.today
