As an analyst with over a decade of experience in the volatile world of cryptocurrencies, I must admit that the recent price action of Shiba Inu (SHIB) has piqued my interest. Having witnessed numerous market cycles and trends, I’ve learned to read between the lines when it comes to technical indicators like the 50-day moving average and the anticipated golden cross.
Currently, the value of Shiba Inu (SHIB), a well-known meme-based cryptocurrency, has been affected by significant selling forces, causing it to decrease approximately 6.1% within the last 24 hours. At this moment, SHIB is being exchanged at around $0.0000164, which is near the bottom level it reached in late October.
As a seasoned trader with over two decades of experience, I find this development particularly noteworthy. The asset in question has dipped below its 50-day moving average, a level that hasn’t been breached since June. This marks the first dip below it in five months. This is a significant event for me, as I’ve learned over the years that such movements often catch the attention of investors and can signal potential short-term trends. Traders, like myself, closely monitor this indicator, so its importance cannot be overstated.
Previously, when Shiba Inu’s price dipped below its 50-day moving average, this triggered a steep drop in its value. Specifically, during that instance, the Shiba Inu token fell nearly 50% over the span of 100 days. Now, as SHIB is on the verge of another notable technical occurrence, known as the golden cross, it’s only logical to ponder about what might transpire for the token in the future.
In the field of technical analysis, a golden cross occurs when a shorter timeframe moving average surpasses a longer one. This event might suggest an impending increase in price momentum.
As a Shiba Inu coin investor, I’ve noticed that the coin has been finding it tough to maintain its crucial short-term levels. This anticipated crossover might encounter fresh hurdles if it breaches a significant level during the formation of the golden cross pattern. Such a break could potentially alter our predictions regarding the coin’s direction.
This could delay or make it more complicated for there to be bullish momentum from this formation.
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2024-11-03 18:51