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Shiba Inu (SHIB), the meme-inspired cryptocurrency, is approaching its first golden cross since December 2023. The convergence of its 50- and 200-day moving averages raises speculation about another potential price rally. Historically, SHIB has experienced significant surges after similar technical patterns.
Golden Cross Signals Potential for Price Surge
Nearing the first golden cross on its price chart since December 2023, the price of Shiba Inu (SHIB), the famous meme-inspired cryptocurrency and the second largest in its sector, is climbing.
Two moving averages, the 50-day and the 200-day, have started to converge, as shown on the daily chart of SHIB.
Price Volatility Follows Breakout
On October 3, the price of SHIB hit a six-month low of $0.00001548, following an eight-day spike of 57% following its recent breakthrough from a six-month downtrend. The price then plunged more than 27% over the following six days. Over the following 17 days, the price increased by 19.78%, and the moving averages that tracked the entire rise converged.
Historical Patterns in SHIB's Price
This occurred in January of last year, and the two weeks that followed saw an almost 48% increase in the price of the Shiba Inu token. Before the curves recrossed to create the so-called death cross on July 17 of this year, the price of SHIB increased by 148%, reaching a peak of 475% for the meme-inspired token.
Uncertainty Surrounding Future Price Movements
Keep in mind that just because the golden cross appears again for SHIB doesn't mean the same thing will happen, U.Today notes. But looking at the golden cross history of the popular coin, the token has statistically showed growth following them, but not consistently.
One day after the February 2023 gold cross, for instance, the price of SHIB increased by 25%; a few weeks later, it fell by 28%; and finally, the curves inverted once more.
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