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Taking advantage of Bitcoin's recent surge above $70,000, Shiba Inu has recently displayed some serious signs of strength. The cryptocurrency market was filled with optimism as a result of Bitcoin going above $70,000, pushing assets like SHIB forward and producing technical signals that suggested potential for future growth.
For SHIB, a bullish indicator known as a golden cross — a cross between the 50 and 200 EMAs — was imminent, usually indicating a possible upward trend. Unfortunately, though, Bitcoin's inability to hold steady above $70,000 has affected SHIB and other altcoins in spite of these encouraging indications.
Because Bitcoin has been unable to maintain this crucial level, momentum has stalled, causing SHIB's upward trend to pause. Because of this setback, SHIB has not been able to confirm a golden cross, which would have made the case for a long-term rally stronger. The market as a whole is having trouble determining its course without Bitcoin's sustained support at these higher levels, which puts SHIB in a precarious position.
A few crucial elements must coincide for SHIB to make a significant advancement soon. Bitcoin must first regain stability above $70,000, ideally reaching new highs to bolster market confidence in general. Rekindled buying interest in SHIB could result from this, possibly creating a golden cross that would spark a more robust rally. Regarding price levels to keep an eye on, SHIB's support at $0.00001700 is essential to preserving its present position.
Alex DovbnyaA more pessimistic trend may be indicated if SHIB breaks below this support. On the other hand, SHIB would support the bullish argument and have the potential to rise even higher if it gained traction and broke through the next resistance level, which is located around $0.00002000.
SHIB is still at a tipping point for the time being. A verified golden cross and additional price increases are dependent on Bitcoin's stability and general market sentiment, even though recent movements have moved it closer to bullish territory. In the absence of these, SHIB's trajectory might remain unclear and might even undergo another correction before making any significant progress.
Alex Dovbnya
Dan Burgin