The cryptocurrency Shiba Inu (SHIB) demonstrated a positive technical signal known as a golden cross, raising optimism among traders and investors.
Appearance of the Golden Cross on the Chart
On the four-hour chart, SHIB recorded a golden cross, which occurs when the short-term moving average (typically the 50-period) crosses above the long-term moving average (typically the 200-period). This is often seen as a signal of continued upward momentum.
Crypto Market and Short-term Growth of SHIB
In the last 24 hours, SHIB has increased by 10%, coinciding with a broader rise in the crypto market that has boosted several major altcoins. Bitcoin reached a new all-time high as investors actively piled into risk assets, closing short positions. According to CoinGlass, over $1.30 billion in crypto positions were liquidated in the last 24 hours.
Prospects and Resistance on the SHIB Chart
SHIB has increased by 20% this month, marking its strongest performance since November. Successfully defending the April low at around $0.00001005 indicates the formation of a double bottom pattern on the daily chart. If confirmed, the resistance is represented by the May high of $0.00001764. A breakout past that level would indicate a significant bull run.
The situation in the crypto market and the emergence of a golden cross on the SHIB chart create positive conditions for further growth. However, key resistance levels remain at 0.0000149 and 0.00001764.
