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Shiba Inu (SHIB) is charging ahead with a 40% rise in trading volume, signaling revived bullish momentum as it nears a golden cross formation. This potential technical breakout could spark further gains, with SHIB’s price currently up 6.1% to $0.0000179.
Shiba Inu Trading Volume Surges Amid Market Rally
According to data from CoinMarketCap, the trading volume for the popular meme-inspired cryptocurrency Shiba Inu (SHIB) increased by more than 40% today. At this very moment, the total spot market value of Shiba Inu tokens is close to $400 million.
This news arrives as the price of SHIB has risen more than 6.1% so far today. There is now a market valuation of $0.0000179 per SHIB for the Shiba Inu coin.
SHIB Faces Selling Pressure After October Drop
The price of the widely-used meme cryptocurrency has dropped to its lowest point since the end of October, and according to U.Today, it has been facing selling pressure for the last five days.
Nevertheless, the 23-day moving average serves as a dynamic resistance level, and today's candle has absorbed all of this downward movement.
Golden Cross Formation Hints at Bullish Signal
Concurrently, a golden cross is still developing on the Shiba Inu price chart, with the 50-day moving average rising and the 200-day moving average falling. It is possible to create a golden cross when the two curves meet.
This pattern has been seen in the price history of SHIB multiple times, and according to the rules of technical analysis, it is a bullish indicator.
Historical Gains: December’s Golden Cross Rally
When this happened last in December 2023, the Shiba Inu token price soared 454%, from $0.0000083 to $0.00004567, at its peak.
Concerns about the long-awaited golden cross's viability or the end of preparations for it persisted up until a few days ago, when a string of red bars appeared. But now, SHIB's bullish conduct seems to have revived the topic of what lies ahead for the meme coin's price.
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