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Amid a steep market decline driven by macroeconomic and geopolitical strains, Shiba Inu’s SHIB token maintained its resilience, nearing the coveted Golden Cross. With bullish support at key price levels, SHIB shows potential for a remarkable comeback in the crypto market.
Shiba Inu’s Golden Cross Potential Gains Momentum
A week ago, U.Today published an article that discussed the various situations that could result in the appearance of the golden cross on the price chart of the Shiba Inu (SHIB) cryptocurrency, which is a popular cryptocurrency that is inspired by numerous memes.
Although it has only been seven days since then, the price of SHIB has experienced significant volatility, which appears to disrupt those plans at first look; nevertheless, there are more complexities at play.
Market Volatility Challenges SHIB’s Upward Trajectory
As a result, due to geopolitical concerns and Tether news, the cryptocurrency market lost $162.7 billion, or 7%, during the week. The Shiba Inu token's value halved during this time, dropping from $0.00001934 to $0.00001583.
When SHIB's price unexpectedly surged above $0.0000163—where the 50-day moving average stretches—it appeared like the meme cryptocurrency community's and the golden cross's ambitions were shot. Additionally, the price curve retested the indicating band, and the bulls used this price point as support.
Bulls Defend Key Price Levels
According to the article, the golden cross is formed when the two curves cross each other on an upward trend. One of these curves is the 50-day moving average. Here, the bulls kept the Shiba Inu token price inside the range of the two moving averages, even though it fell by double digits.
Despite the fact that this simply serves to validate the initial forecast that SHIB may be on the verge of achieving a golden cross, it continues to present a positive picture of the future for all Shiba Inu enthusiasts.
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