Shiba Inu (SHIB) Jumps 40% in Volume as Bulls Eye Golden Cross Breakout

The popular meme-inspired cryptocurrency Shiba Inu (SHIB) saw more than 40% growth in trading volume today, according to data from CoinMarketCap. Currently, Shiba Inu tokens have a combined turnover of nearly $400 million on the spot markets. 

This development comes as the price of SHIB is up over 6.1% in today's trading session. The Shiba Inu token is now trading at a valuation of $0.0000179 per SHIB. The popular meme cryptocurrency has not been this high since late October, and in fact has been under selling pressure for the past five days. 

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However, today's candle has absorbed all of this downward movement and has now hit a dynamic resistance level, represented by the 23-day moving average. 

At the same time, a golden cross continues to form on the price chart of Shiba Inu as the 50-day moving average continues to rise and the 200-day moving average continues to fall. When both curves cross, a golden cross can be formed. 

What's next for Shiba Inu (SHIB)?

According to the laws of technical analysis, this pattern is considered a bullish signal, and the history of SHIB's price has repeatedly shown growth on the background of its occurrence. The last time such a phenomenon occurred was in December 2023, and then the price of Shiba Inu token at the peak grew by 454%, having taken a trip from $0.0000083 to $0.00004567.  

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Will Shiba Inu (SHIB) Break 6 Trillion Record?

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Until a few days ago, amid a series of red bars, there were doubts whether the long-awaited golden cross would happen or whether plans for it had come to an end. Today, however, the bullish behavior of SHIB seems to re-raise the question of what awaits the price of the meme coin.