The post Golden Cross Alert: Is a Shiba Inu (SHIB) Price Rally About to Begin? appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) might finally be waking up. After spending weeks moving sideways and testing the patience of its holders, the popular meme coin is starting to show some bullish signs on the charts.
Today, Shiba Inu’s price is slightly in the green, holding steady while the overall crypto market treads water. It’s not a huge jump yet, but the interesting part isn’t just the price and it’s what’s happening beneath the surface.
On the hourly chart, SHIB just flashed a golden cross, a technical pattern where a short-term moving average crosses above a longer-term one. In this case, the 50-period moving average has climbed above the 200-period, which experts often take as an early sign of a possible rally ahead.
Over the past couple of days, SHIB’s trading volume has picked up, showing that more people are jumping in or placing bets on where the price might head next. Meme coins like Shiba Inu often feed off excitement, and increased volume can be the spark that kicks off a larger move.
A researcher also said that Shiba Inu is starting to show signs of recovery. Whales recently bought 10.4 trillion SHIB tokens worth about $110 million. This comes after Shiba Inu dropped to its lowest price in 16 months.
The price has bounced back 11% this week, and a recent trading pattern suggests more gains could be on the way. SHIB even touched $0.00001198 with strong trading activity before slipping slightly by 1%.
Right now, the price is testing a resistance zone between 0.00001180 and 0.00001185. If it manages to break and hold above 0.00001190, it could quickly climb toward 0.00001220. On the downside it has already fallen back to the support area near 0.00001145 and the bears might target 0.00001140 next.