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The golden cross, a popular technical indicator, has recently made an appearance on the hourly charts of Shiba Inu (SHIB).
A golden cross occurs when a shorter-term moving average crosses above a longer-term moving average and is often regarded by technical analysts as a signal that a significant uptrend might be on the horizon.
In the case of SHIB, the golden cross formed when the 50-hour moving average rose above the 200-hour moving average on its one-hour chart, a clear indication that short-term prices were outpacing the long-term trend.
For SHIB, this technical event coincided with an impressive 20% leap in its price, stirring excitement and optimism within the community.
Shiba Inu leaped as much as 20% as bulls consolidated on a sharp rebound, which stemmed from the previous daily SMA 50 barrier, which has now turned support.
Shiba Inu began rising from lows of $0.00002430 on May 27 and has climbed for three consecutive days, reaching highs of $0.0000294 in today's trading session.
Tomiwabold OlajideAt the time of writing, SHIB had erased some of its intraday gains and was up 10% in the last hours to $0.00002735, according to CoinMarketCap data.
While the golden cross and the subsequent price jump are indeed promising, the path forward for Shiba Inu, like any cryptocurrency, is dependent on several factors. Broader market sentiment and global economic factors might play a role in shaping Shiba Inu's price trajectory.
Technical analysts are closely monitoring SHIB's price action following the bullish crossover. The possibility remains that if SHIB can maintain its upward momentum and break through key resistance levels, it could see further substantial gains. The next significant resistance level is around $0.00003285, and a successful breach of this level could pave the way for even higher targets.
However, to attain this level, SHIB must decisively breach the $0.00003 level while sustaining above the daily SMA 50 at $0.0000244.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team