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Shiba Inu has formed a golden cross on its daily chart, the first such occurence in the year 2025, as SHIB saw a death cross on its one-day chart in February this year. The short-term moving average 50 has crossed above the long term moving average 200, resulting in a bullish golden cross.
While Shiba Inu has formed moving average crossovers on the hourly or 4-hour time frames, the newly created golden cross is the first such on the daily chart this year. With this newly created bullish signal on the Shiba Inu charts, the market awaits where the dog coin will go next.
The broader cryptomarket is seeing continued profit taking, with major cryptocurrencies reversing early gains.
Shiba Inu fell for three straight days from Aug. 22, when it saw a sharp rise from $0.000012 to $0.0000135. The drop hit a low of $0.00001183 from where Shiba Inu sharply rebounded in yesterday's session.
At press time, SHIB was up 2.16% in the last 24 hours to $0.00001249, with its market cap rising to $7.36 billion.
What's next?
Shiba Inu last saw a golden cross on its daily chart in November 2024, which was followed by its price skyrocketing to $0.00003344 on Dec. 8, 2024. Around the time of the golden cross formation then, Shiba Inu was trading around $0.000018, with the move marking a nearly 85% increase.
The market will be watching to see if history repeats itself as Shiba Inu displays a golden cross on its daily chart. If this is the scenario, an 85% increase would imply a target of $0.000023 if taken from the current Shiba Inu price.
In the event of a price drop, support is envisaged for Shiba Inu at $0.000011 and then at $0.00001.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team