As an experienced analyst, I have seen many cryptocurrencies undergo significant price movements based on moving average crossovers. The upcoming potential moving average crossover for Shiba Inu (SHIB) in the year 2024 has generated a lot of buzz in the market.
As a cryptocurrency analyst, I’m closely monitoring the trend of Shiba Inu (SHIB), the popular dog-themed digital currency. For the first time in 2024, this coin is about to experience a significant technical event: the convergence of its daily Simple Moving Averages (SMAs) 50 and 200. Traders are now anticipating the emergence of either a “golden cross” or a “death cross,” depending on the sequence of these averages crossing each other. The golden cross, which occurs when the shorter-term average rises above the longer-term one, is generally considered bullish and can lead to price increases. Conversely, a death cross, where the shorter-term average falls below the longer-term one, is bearish and may trigger sell-offs. Stay tuned for further developments in this exciting space!
Based on TradingView’s analysis, SHIB is anticipated to have its initial moving average convergence between its 50-day and 200-day simple moving averages (SMA) soon, marking the first such occurrence in 2024. A previous golden cross for SHIB was observed in December 2023.
As a researcher studying market trends, I’ve noticed that traders often employ the 50-day Simple Moving Average (SMA) and 200-day SMA to evaluate market directions. The intersection of these two averages can result in either a “golden cross” or a “death cross.” A golden cross is a bullish sign, which occurs when the 50-day SMA rises above the 200-day SMA, potentially indicating an upcoming price increase.
A bearish indication arises when the 50-day Simple Moving Average (SMA) drops beneath the 200-day SMA, which is referred to as the “death cross.” This occurrence may signal an impending downtrend in the market.
Golden cross or death cross?
At the current stage for Shib, investors and analysts are closely monitoring the movements of the 50-day simple moving average (SMA) and the 200-day SMA. Notably, the 50-day SMA seems to be trending downward, increasing the possibility of a “death cross.” This occurrence might suggest a bearish market trend that could potentially influence Shib’s price negatively.
As the situation develops, we’ll keep a keen eye on the moving averages SMA 50 and SMA 200, looking for when they intersect. The type of intersection – a bullish golden cross or a bearish death cross – is yet to be determined.
As I analyze the current trend of SHIB, with the pattern formation within reach, the price movement becomes a topic of great interest. A death cross emergence could signal the beginning of a bearish phase and potential bottoming for SHIB. Alternatively, a golden cross appearance might indicate a new bullish trend and an upward surge in SHIB’s price.
At the time of writing, SHIB was up 2.35% in the last 24 hours to $0.00001744 and up 6.35% weekly.
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2024-07-14 14:37