This week, Shiba Inu (SHIB) showed a nearly 20% increase, attributed to the recent rise in Ethereum prices. This situation signifies possible changes in the technical trend of the cryptocurrency.
SHIB Growth and its Connection to Ethereum
SHIB increased by 20% this month, coinciding with Ethereum’s rise above $3,600. This confirms a month-long technical setup: SHIB reclaimed its 200-day moving average and formed a golden cross between its 23-day and 50-day moving averages.
Long-Term Prospects for SHIB
Unlike past rallies where gains were not consolidated, the current breakout in SHIB shows an ascending trend, as indicated by both price and trading volume. SHIB is currently trading above $0.00001500, a level it has struggled to maintain since spring.
Technical Indicators and Support Levels for SHIB
The golden cross formation, created when the short-term 23-day moving average crossed the 50-day moving average, provides a confirmation for traders monitoring SHIB's momentum. With SHIB firmly above $0.00001500, the next key resistance level lies at $0.00001698.
Thus, SHIB displays potential signs of continued growth, which may be linked to Ethereum's activity and improving market conditions.
