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HomeNewsSHIB on the Rise: Golden Cross Signals Bullish Trend

SHIB on the Rise: Golden Cross Signals Bullish Trend

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  • The 20 EMA crossing above the 50 EMA creates a golden cross, indicating that SHIB is moving upward.
  • Maintaining the golden cross might cause SHIB to trade at $0.000027 and maybe $0.000030.

Despite a little decline of 0.86% in the last 24 hours, Shiba Inu (SHIB) has been exhibiting encouraging indicators during the last week, posting a notable 10.80% rise. At the time of writing, SHIB was valued at $0,00002479 on CoinGecko. This slight decline has not dampened investors’ bullish attitudes.

Golden Cross Signals SHIB Bullish Trend

A number of technical signs suggest the Shiba Inu token may be about to rise in price. On the 4-hour SHIB/USD chart, it particularly noticed a golden cross.

When the shorter Exponential Moving Average (EMA) crosses above the longer EMA, a pattern that traders view as positive develops. The 20 EMA (blue) crossing over the 50 EMA (yellow) currently indicates a positive tendency.

shib
Source: TradingView

Price of SHIB has maintained above 50 EMA, which is in favor of the bullish scenario. But with the Money Flow Index (MFI) down to 30.21, there has been a substantial capital drain from the SHIB market.

Should things go south, this might drive the price to $0.000022. Still, the token price may recover if the MFI reaches an oversold level around 20.00.

Should the golden cross hold, SHIB’s price may climb to $0.000027 and then $0.000030, which would be close to its March high.

On-Chain Analysis and Current Market Events

In order to give a thorough examination, let’s take into account the on-chain status of the token. Important measures are exchange input and outflow.

At the moment, SHIB is exchanging 53.20 billion of currency, which is little more than the 50.55 billion of input. Though not great enough for a big swing, this disparity points to a possible price rise.

Source: Santiment

The price of SHIB is probably going to settle in the near future between $0.000023 and $0.000025, based on the available data. Traders should closely observe the netflow. In the event that the outflow from the exchange doubles the inflow, SHIB’s price can rise gradually and maybe break through to $0.000030.

Community Stimmung and Burn Rate

Four transactions involving 1,448,159 SHIB tokens were burned in the last 24 hours, according to Shibburn data.

shib
Source: Shibburn

This decline in supply might also be able to justify a price rise. To add to the upbeat picture, ETHNews said that cryptocurrency enthusiast Andrew Griffiths thought SHIB’s value would soon triple.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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