Shiba Inu (SHIB) Poised For Golden Cross – How Will Prices React?
August 14 2023 - 5:20AM
NEWSBTC
Shiba Inu (SHIB) has emerged as a star player in the face of
tumultuous currents in the crypto market, signaling a potential
game-changing move on the horizon. Bolstered by a robust 28% surge
in price over the past eight days, SHIB is now at the precipice of
what traders refer to as a “Golden Cross,” a technical pattern that
could herald further significant gains. The Golden Cross, a term
coined within the realm of technical analysis, is a pivotal point
where a cryptocurrency’s short-term moving average crosses above
its long-term moving average. Related Reading: Toncoin (TON)
Throws Weight Around To Lead Weekend Top 20 With 22% Rally This
event is often perceived as a bullish signal by traders, indicating
a potential shift in momentum from bearish to bullish. In the
context of Shiba Inu, this development could mark a turning point,
potentially opening the doors to substantial price appreciation.
Source: TradingView Current State of Shiba Inu The current market
data reveals SHIB’s potential ascendancy, with its price hovering
around $0.00001047 according to CoinGecko. Despite a slight 1.1%
dip in the past 24 hours, the crypto has exhibited a commendable
seven-day rally of 7.0%, underscoring its resilience and growing
investor interest. SHIB price action today. Source: Coingecko In
the three years since its inception, Shiba Inu’s journey has been
marked by rising fervor, culminating in a staggering 3.54 million
addresses, a statistic validated by IntoTheBlock. However, the
recent surge in momentum is palpable, particularly in the last
month, which witnessed an electrifying surge in activity. Shiba Inu
is currently trading at $0.00001052. Chart: TradingView.com
Notably, the number of new SHIB addresses has surged by an
astonishing 115% on a weekly basis, indicating an unparalleled
level of investor enthusiasm and anticipation. This trend shows no
signs of abating, as the past seven days alone have witnessed a
remarkable 14.18% increase in SHIB addresses. Shibarium: A New Age
For SHIB Ecosystem All eyes are now fixated on the impending
release of Shibarium, a long-awaited protocol set to debut as early
as August 15 or 16. This impending launch is expected to be a
watershed moment, reshaping the entire landscape of the Shiba Inu
ecosystem. The anticipation surrounding Shibarium has undoubtedly
fueled the recent surge, as investors eagerly speculate on the
protocol’s potential impact. Related Reading: Cardano (ADA)
Approaches The $0.3 Resistance: What Lies Ahead? SHIB is at a
critical juncture, teetering on the brink of a technical
transformation with the Golden Cross pattern looming on the
horizon. With its recent price rally and the mounting excitement
surrounding Shibarium, the coming weeks could prove instrumental in
defining SHIB’s trajectory in the ever-evolving cryptocurrency
market. As traders and enthusiasts watch intently, SHIB’s
journey continues to captivate with its twists and turns, promising
both risks and rewards. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
Lexica
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