Not only did Bitcoin reach a new all-time high today, but the Shiba Inu (SHIB) price chart also had a significant breakout. The well-known cryptocurrency that was inspired by memes “shot up” 11.44% today, from $0.00001785 to $0.0000199, according to Binance.
More significantly, though, the 200-day moving average was overcome by the price of the Shiba Inu token, a significant dynamic resistance. The twelfth-largest cryptocurrency’s optimistic tendencies may be confirmed if the SHIB price holds steady at this level.
The flag is on the side of the bulls, as shown by the approaching golden cross on the Shiba Inu token’s daily chart. Its creation is also influenced by the lower 50-day moving average, which is rising, and the dropping 200-day moving average. A golden cross is created when the smaller curve crosses the larger one.
The price of the well-known meme cryptocurrency last experienced this in December 2023. The price of SHIB then peaked after its inception, reaching around $0.000045 per token by March, over 450% greater than it was at the start.
However, because the price of the Shiba Inu token already appears to be on a positive trend, things could be different with the golden cross this time. It’s possible that the SHIB price is currently rising due to anticipation of the golden cross and its prior performance.
