The price of Shiba Inu (SHIB) cryptocurrency is nearing its first golden cross on the chart since December 2023, potentially indicating significant changes in its price.
Current SHIB Price Movements
On SHIB's daily chart, two moving averages, the 50-day and 200-day, have begun to converge. After a recent breakout from a six-month decline, the price rose 57%, then fell by over 27%, and subsequently rose nearly 20%.
Historical Trendline Crossings
The last occurrence was early last year when the token's price rose nearly 48% in the following two weeks. Before the July death cross, SHIB rose by 148%.
Possible Scenarios for SHIB
While historical data suggests potential growth after such crosses, the pattern is not always consistent. For example, after the February 2023 cross, the price rose by 25% and then fell by 28%.
Although a similar result is not guaranteed, history suggests a gold cross can herald significant changes in SHIB's price.