- SHIB has exhibited a volatile price trend in the last few days.
- No definite support has formed due to the volatility.
As a seasoned crypto investor with scars from countless market swings etched into my trading journal, I find myself cautiously optimistic about Shiba Inu (SHIB). The recent golden cross formation on its daily chart has certainly piqued my interest, but the subsequent price correction has served as a stark reminder of the unpredictable nature of this market.
The cryptocurrency Shiba Inu (SHIB) has recently attracted a lot of interest in the market due to its formation of a “golden cross” pattern on its daily chart.
Although usually suggesting a surge in bullish strength, the price of SHIB has experienced a significant drop, leading some to ponder its potential future support points.
Here’s a closer look at the factors influencing SHIB’s price and its potential trajectory.
Shiba Inu’s Golden Cross
Looking at the Shiba Inu (SHIB) to US Dollar (USD) daily graph, there’s a potential bullish signal known as a “Golden Cross.” This occurs when the 50-day moving average surpasses the 200-day moving average, suggesting a potential upward trend.
Initially reaching $0.00002622, Shiba Inu experienced a substantial decline over the last day, falling to its current value of $0.00002453 – a drop of 4.07%.
Based on the Bollinger Bands analysis, Shiba Inu (SHIB) appeared to be experiencing higher volatility as it approached the lower band. This could mean that a further drop might occur if the selling pressure remains strong.
In simpler terms, if prices drop more, these two moving averages at 0.00001902 and 0.00001833 may serve as important levels that could potentially halt or slow down any further decline.
Network growth and on-chain activity
According to Santiment’s data, there has been an increase in the number of Shiba Inu (SHIB) network users over the past few weeks. The highest number of new addresses reached 6,612, but subsequently dipped a bit to 4,612.
The increase suggests a surge in demand for this asset, potentially helping to keep its cost steady. But whether the network can continue this growth is essential for preserving investors’ trust.
The surge in network activity aligns with Shiba Inu’s recent price increase, implying that newly involved individuals might have contributed to its rise.
In the future, if the expansion of SHIB’s network slows down, it might weaken its potential for reaching higher positions again.
Support levels to watch
As SHIB finds it challenging to stay above $0.00002450, two significant points to focus on are the psychological resistance at $0.00002300 and the 50-day moving average at $0.00001902.
If these indicators don’t hold, there’s a possibility it might dip to approximately 0.00001833 or even lower. However, if we manage to regain 0.00002600, it would suggest a resurgence of bullish trends.
As an analyst, I’ve observed a shift in sentiment within the Shiba Inu community following the appearance of the Golden Cross. This technical indicator often signifies a bullish trend, which it did for SHIB. However, the subsequent price correction served as a reminder of the hurdles that Shiba Inu must overcome to maintain its momentum.
Keeping a close eye on the growth and community backing of this asset will be essential, especially as the market experiences heightened fluctuations.
At present, attention is focused on Shib’s capacity to maintain its crucial support levels and draw fresh purchasing activity.
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2024-11-18 07:03