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Shiba Inu (SHIB) retains its status as the biggest meme coin on Ethereum, and it is approaching one of its most bullish setups in months. Long story short, a golden cross is forming between the 23-day and 50-day moving averages on the price chart by TradingView.
The target? This one aligns with the 200-day moving average of $0.00001046, representing a 22% increase from current levels. However, this chart pattern could have an even greater impact besides an upside unlock. It could also propel SHIB up the market cap rankings.
Currently valued at $5.13 billion, Shiba Inu is within $100-$200 million of overtaking Canton, Hedera and Dai. Should the full golden cross potential play out, Litecoin, with a valuation of $6.05 billion, could be overtaken as well.
Market favors SHIB breakout
As previously reported by CryptoQuant, market flows have already begun shifting into meme coins from other segments, providing this particular asset class with an unusual advantage in January.
What makes this move stand out is the accomplishment of Shiba Inu’s price structure with moving averages. SHIB has reclaimed its 50-day price curve for the first time since late November, and this recovery is unfolding just below a long-term resistance.
The golden cross playbook for the Shiba Inu coin is as follows: once $0.00000950 is cleared, the 200-day moving average becomes the prime target, creating the kind of fast repricing event that SHIB is known for. Not March 2024, but still a significant one.
The meme coin is no longer just hinting at a surge but seems to be methodically planning it.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide