Shiba Inu (SHIB) on Verge of Golden Cross: Here’s Price Comeback Scenario

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As a seasoned crypto investor with battle-scarred fingers from countless market swings and trends, I can confidently say that the recent turbulence in the Shiba Inu (SHIB) market is nothing new under the sun. The week’s 7% dip across the board was just another chapter in this rollercoaster ride we call cryptocurrency investing.

Last week, it was discussed by U.Today that there might be certain situations resulting in the emergence of a golden cross on the price graph of the widely recognized meme-based cryptocurrency Shiba Inu (SHIB).

In just a week’s time, the value of SHIB has experienced significant fluctuations, which might initially appear to disrupt its plans, but upon closer inspection, the situation is more intricate.

Shiba Inu (SHIB) on Verge of Golden Cross: Here's Price Comeback Scenario

During the past week, the cryptocurrency market witnessed a decline of 7%, translating to a loss of approximately $162.7 billion, largely due to the latest news concerning Tether and escalating geopolitical issues. Amidst these developments, the Shiba Inu token experienced a drop that was twice as steep, going from a peak of $0.00001934 down to a low of $0.00001583.

Shiba Inu (SHIB) is “so back”?

For meme cryptocurrency supporters, the dream of a “golden cross” appeared to be fading when the value of SHIB inexplicably surged past $0.0000163, a level where the 50-day moving average lies. However, the price line later revisited this significant mark and surprisingly, the bulls stepped up and provided support from this specific price point.

To put it simply, the 50-day moving average is a significant part of the golden cross indicator, representing the line that goes above the other when it rises. In the case of Shiba Inu token’s price dip, despite the substantial decrease in double digits, the bullish forces successfully kept the price within the range defined by these two moving averages.

This lends further support to the original assumption that SHIB could soon experience a ‘golden cross,’ and continues to suggest a promising outlook for all Shiba Inu supporters.

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2024-10-27 16:34