Shiba Inu (SHIB) Jumps 40% in Volume as Bulls Eye Golden Cross Breakout

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As a seasoned researcher with a knack for deciphering market trends, I must admit that today’s surge in Shiba Inu’s trading volume has piqued my interest. The last time I saw such a spike was during the meme coin’s wild ride back in 2023. If history repeats itself, we might be looking at a potential 454% growth, which is nothing short of astronomical.

Today, the cryptocurrency modeled after popular memes, Shiba Inu (SHIB), experienced over 40% increase in trading activity as per data from CoinMarketCap. At present, the total daily trade volume of Shiba Inu tokens amounts to approximately $400 million on the open markets.

Today’s trading session has seen Shiba Inu token’s price surge by more than 6.1%. Currently, each SHIB is being traded at approximately $0.0000179. This is a significant increase as the value hasn’t been this high since late October. Interestingly, for the past five days, the meme cryptocurrency has faced selling pressure.

Today’s candle has taken in all the recent price decline and is currently encountering a significant resistance point, indicated by the 23-day moving average line.

Shiba Inu (SHIB) Jumps 40% in Volume as Bulls Eye Golden Cross Breakout

Simultaneously, a ‘golden cross’ pattern is progressing on Shiba Inu‘s price chart, with the 50-day moving average climbing upwards and the 200-day moving average descending. This crossing of the curves marks the formation of a golden cross.

What’s next for Shiba Inu (SHIB)?

Based on technical analysis principles, this specific pattern is typically interpreted as a bullish indicator, and Shiba Inu’s price history suggests growth following its appearance. The most recent instance of such an occurrence took place in December 2023, with the price of the Shiba Inu token skyrocketing by approximately 454% from $0.0000083 to $0.00004567 at its peak.

For a while now, uncertainty surrounded the possibility of the anticipated “golden cross” in the SHIB chart due to a streak of negative performance. However, recent bullish trends in SHIB have once again sparked speculation about its future price movement.

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2024-11-05 17:19