Shiba Inu (SHIB) Golden Cross Potential Gains Momentum Amid Market Volatility

A week ago, U.Today published an article that discussed the various situations that could result in the appearance of the golden cross on the price

Amid a steep market decline driven by macroeconomic and geopolitical strains, Shiba Inu’s SHIB token maintained its resilience, nearing the coveted golden cross. With bullish support at key price levels, SHIB shows potential for a remarkable comeback in the crypto market.

Shiba Inu's Golden Cross Potential Gains Momentum

A week ago, U.Today covered the varying scenarios that could lead to the appearance of the golden cross on the price chart of the Shiba Inu (SHIB) cryptocurrency, a meme-inspired token among the top cryptocurrencies.

While only seven days have passed since then, SHIB's price action has experienced significant volatility, which appears to derail those plans at first glance, but there are more intricacies at play.

Market Volatility Challenges SHIB's Upward Trajectory

As a result of geopolitical concerns and Tether news, the cryptocurrency market lost $162.7 billion, or 7%, during the week. The Shiba Inu token halved in value during this time, dropping from $0.00001934 to $0.00001583.

When SHIB's price unexpectedly surged above $0.0000163—where the 50-day moving average stretches—it appeared like the meme cryptocurrency community's and the golden cross's ambitions were dashed. However, the price curve retested the indicating band, and bulls used this price point as support.

Bulls Defend Key Price Levels

According to the article, the golden cross is formed when the two curves cross each other on an upward trend. One of these curves is the 50-day moving average. Here, the bulls maintained the SHIB token price within the range of the two moving averages, despite it dropping by double digits.

While this only serves to reaffirm the initial analysis that SHIB may be on the cusp of completing a golden cross, it paints a positive picture of the future for all Shiba Inu enthusiasts.

The above is the detailed content of Shiba Inu (SHIB) Golden Cross Potential Gains Momentum Amid Market Volatility. For more information, please follow other related articles on the PHP Chinese website!