Shiba Inu (SHIB) on the Verge of a Bullish Breakout: Here’s What to Expect
A week ago, U.Today reported on the potential for a golden cross formation on the price chart of Shiba Inu (SHIB), the popular meme-inspired cryptocurrency. Despite some recent price turbulence, it appears that the outlook for SHIB remains positive.
Over the past week, the cryptocurrency market as a whole experienced a 7% decline, with a total loss of $162.7 billion. During this period, the Shiba Inu token saw an even steeper decline, dropping from its high of $0.00001934 to a low of $0.00001583.
However, there is still hope for SHIB enthusiasts. The price of SHIB recently made an unexpected upward push above $0.0000163, where the 50-day moving average is located. This move indicates potential bullish momentum, as the price curve retested the indicating band and found support from this level.
The 50-day moving average is a crucial component of a golden cross formation, as it is the curve that intersects with another moving average on the upside. Despite the recent price drop, the bulls managed to keep SHIB within the range between the two moving averages.
This development confirms our initial prediction that SHIB may be on track for a golden cross formation, bringing positive prospects for Shiba Inu enthusiasts.
So, while there may have been some setbacks in the past week, the overall outlook for SHIB remains optimistic. If the golden cross formation does occur, it could signal a bullish breakout for the Shiba Inu token.