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Golden Cross Alert: Is a Shiba Inu (SHIB) Price Rally About to Begin?
Shiba Inu (SHIB) might finally be waking up. After spending weeks moving sideways and testing the patience of its holders, the popular meme coin is starting to show some bullish signs on the charts. Today, Shiba Inu’s price is slightly in the green, holding steady while the overall crypto market treads water. It’s not a huge jump yet, but the interesting part isn’t just the price and it’s what’s happening beneath the surface.
On the hourly chart, SHIB has just flashed a golden cross, a technical pattern where a short-term moving average crosses above a longer-term one. In this instance, the 50-period moving average has climbed above the 200-period, which experts often take as an early sign of a possible rally ahead.
Over the past couple of days, SHIB’s trading volume has picked up, showcasing that more people are jumping in or placing bets on where the price might head next. Meme coins like Shiba Inu often feed off excitement, and increased volume can be the spark that ignites a larger move.
A researcher also pointed out that Shiba Inu is starting to exhibit signs of recovery. Whales recently acquired 10.4 trillion SHIB tokens worth approximately $110 million. This comes after Shiba Inu dropped to its lowest price in 16 months.
SHIB currently displays recovery signs as whales buy 10.4T SHIB tokens worth $110M, following a 16-month low. An inside week candle and an 11% price bounce signal potential upside. SHIB touched $0.00001198 with high volume before dipping 0.3%. Let’s Hope for a reversal.
The price has bounced back 11% this week, and a recent trading pattern suggests more gains could be on the way. SHIB even reached $0.00001198 with strong trading activity before slipping slightly by 1%. Right now, the price is testing a resistance zone between $0.00001180 and $0.00001185. If it manages to break and hold above $0.00001190, it could quickly climb toward $0.00001220.
Source: coinpedia.org
