As a seasoned researcher with years of experience navigating the volatile waters of the cryptocurrency market, I can confidently say that the recent surge of Bitcoin above $70,000 has stirred an interesting situation for Shiba Inu (SHIB). While the bullish indicators like the imminent golden cross were promising, the inability of Bitcoin to sustain its position above this crucial level has put a damper on SHIB’s momentum.
Capitalizing on Bitcoin’s recent spike surpassing $70,000, Shiba Inu has shown notable signs of resilience lately. The cryptocurrency sector was buzzing with optimism due to Bitcoin reaching this milestone, causing assets such as SHIB to gain momentum and exhibit technical indicators hinting at possible future expansion.
For Shiba Inu (SHIB), a positive signal known as the “golden cross” – when the 50-day Exponential Moving Average (EMA) intersects above the 200-day EMA – was about to occur, suggesting a potential rise in price. However, Bitcoin’s struggle to maintain its value above $70,000 has had an impact on SHIB and other altcoins, despite these promising signs.
Due to Bitcoin failing to sustain its critical level, its progress has slowed down, leading to a temporary halt in Shiba Inu‘s upward movement. Consequently, Shiba Inu hasn’t been able to establish the golden cross, a bullish signal that would have boosted confidence for a long-term surge. With Bitcoin struggling to provide consistent support at these higher ranges, the market is finding it hard to decide its direction, which leaves Shiba Inu in a vulnerable position.
For Shiba Inu (SHIB) to make substantial progress in the near future, a few key factors need to align. Firstly, Bitcoin needs to reestablish itself above $70,000 and aim for fresh record highs, which would boost market confidence overall. This renewed interest could revive SHIB buying activity and potentially create a ‘golden cross,’ igniting a stronger upward trend. It’s important to monitor the support level at $0.00001700 for SHIB as it plays a vital role in maintaining its current standing.
If Shiba Inu (SHIB) falls below its current support level, it might suggest a more bearish outlook. Conversely, if SHIB manages to pick up momentum and surpass the next resistance at approximately $0.00002000, this would bolster the bullish case and potentially lead to further price increases.
At this moment, Shiba Inu (SHIB) is teetering on a crucial juncture. A confirmed golden cross and further price rises hinge on Bitcoin’s steadiness and overall market mood, despite recent developments edging it nearer to bullish territory. Without these factors, SHIB’s path might remain uncertain and could potentially face another correction before making substantial advancements.
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2024-11-01 11:19