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Shiba Inu (SHIB) has gained 0.68% in the last seven days despite lingering price volatility for the meme coin. Technical indicators signal that SHIB could overcome its price fluctuations if the looming golden cross pattern validates.
Current SHIB price trends and trading activity
According to data, Shiba Inu’s 9-day and 26-day moving averages are likely to cross over, signaling that the meme coin is seeing more price rallies.
A golden cross forms when the short-term moving average crosses above the long-term moving average. On the Shiba Inu chart, the setup is right on cue for this to occur, with the meme coin’s price likely to hit $0.00001330.
If the golden cross is confirmed for SHIB, this could trigger a massive price rally for the meme coin. Such a development could support SHIB to erase a zero from its price.
In the last 24 hours, SHIB has climbed from a low of $0.00001265 to hit an intraday high of $0.00001363. As of press time, however, Shiba Inu was down by 4.34% at $0.00001300, per CoinMarketCap data. However, trading volume is slightly up by 1.31% at $357.47 million in the last 24 hours.
If the golden cross is confirmed, the meme coin could soar in value as the Relative Strength Index (RSI) at 45.49 leaves room for growth.
SHIB community remains optimistic on future valuation
Analysts have attributed the price fluctuations in the ecosystem in the last 48 hours to the activities of whales.
Notably, there has been a spike in activity, with large holders engaging in massive transfers of SHIB. While the price remained stable at the time of the transfer, the current movements might have been triggered by it.
Meanwhile, Lucie, the Shiba Inu’s marketing lead, has suggested that better days are ahead for Shiba Inu. In her message to the community, Lucie hinted that the meme cryptocurrency could hit $30 billion in the near future.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team