Despite current declines, Shiba Inu cryptocurrency shows signs of potential improvement due to the formation of a mini golden cross.
Current Trends of Shiba Inu
According to recent data, Shiba Inu (SHIB) continues to decline; however, a mini golden cross appears to be forming on the daily chart, which may indicate potential improvements. In this context, the 50-day exponential moving average (EMA) crosses the 100-day EMA, in contrast to the classic golden cross where the 50-day EMA crosses the 200-day EMA. While a general decline is observed at this stage, the mini golden cross signal may indicate possible short- to medium-term momentum improvements.
Upcoming Hurdles for Growth
At the moment, SHIB is slipping back after attempts to overcome resistance levels in the $0.000013-$0.000014 range. The current price is approximately $0.0000124. Despite the price remaining in a downward channel, the EMA crossover indicates the presence of bullish forces. The discrepancy between a supportive moving average signal and bearish price action creates a paradoxical situation for traders, where caution is warranted for both opportunities and uncertainties.
Support and Opportunities for Investors
To maintain their positions, bulls need to defend immediate support at the $0.0000120 level, which aligns with the channel's lower trend line. If the price breaks below this level, it could face more significant retracements towards $0.0000105. To shift overall sentiment, the first task would be to clear the resistance clusters between $0.0000135 and $0.0000140. If SHIB can break out of the descending channel, there is a possibility of retesting the $0.000016-$0.000018 range, where more intense selling pressure is expected.
Thus, despite current bearish trends, Shiba Inu shows some signs of potential growth. Investors should pay attention to support and resistance levels to assess future opportunities.
