A golden cross signal has been noted for Shiba Inu, which may influence its future price movements and trader sentiment.
Market Movements and Buying Pressure
Shiba Inu recently experienced a sharp increase in buying interest after Fed Chair Jerome Powell's dovish statement at the Jackson Hole symposium. This led to a price rise to $0.0000135, a peak not seen since mid-August. However, following this spike, the market saw profit-taking, and Shiba Inu has been declining for two consecutive days.
Upcoming Crossover on Daily Chart
Shiba Inu is on the verge of a significant crossover on its daily chart. The SMA 50 and SMA 200 are drawing closer, and a golden cross or a death cross may occur in the coming days. If a death cross emerges, it would mark the second occurrence this year, with the last having occurred in February.
Potential Impact on Price
The last golden cross seen in November 2024 resulted in price surges. The nature of the upcoming crossover is expected to shape traders' expectations about Shiba Inu's price in the coming days, along with the broader market sentiment.
The formation of a golden cross may significantly influence Shiba Inu's value in the coming days, drawing attention from traders and analysts.
