As a seasoned researcher with a keen eye for market trends and a heart full of memes, I find today’s Shiba Inu (SHIB) price action nothing short of intriguing. The 11.44% surge it experienced today, taking it from $0.00001785 to $0.0000199, is a clear sign that the ‘Dogecoin Killer’ might be ready for its moment in the limelight.
Today marked not only a new all-time high for Bitcoin but also a major breakout on the Shiba Inu (SHIB) price chart. According to Binance, the popular meme-inspired cryptocurrency “shot up” 11.44% today, going from $0.00001785 to $0.0000199.
Of greater significance is that the Shiba Inu token’s price successfully surpassed a significant resistance level represented by its 200-day moving average. If the SHIB price continues to hold this position, it could signal a confirmation of the bullish tendencies for the twelfth largest cryptocurrency.
In simpler terms, the Shiba Inu token’s daily chart is showing a forthcoming “golden cross” pattern. This means that the trend, as indicated by the falling 200-day moving average and the rising 50-day moving average, appears to favor the bulls (buyers). The golden cross occurs when the shorter-term line (the 50-day) crosses above the longer-term line (the 200-day), signaling a potential shift in the market’s direction.
In December 2023, there was a similar occurrence with the price of a well-known meme cryptocurrency. Following its creation, the price of SHIB peaked and reached approximately $0.000045 per token by March. This represented an increase of nearly 450% compared to its initial value.
On this occasion, the situation might differ with the golden cross, as the Shiba Inu token’s price appears to be moving upward already. It could be that the expectation of the golden cross and its historical success that is now preemptively fueling the rise in SHIB price.
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2024-11-06 17:58