Shiba Inu (SHIB) has emerged as a star player in the face of tumultuous currents in the crypto market, signaling a potential game-changing move on the horizon.
Bolstered by a robust 28% surge in price over the past eight days, SHIB is now at the precipice of what traders refer to as a “Golden Cross,” a technical pattern that could herald further significant gains.
The Golden Cross, a term coined within the realm of technical analysis, is a pivotal point where a cryptocurrency’s short-term moving average crosses above its long-term moving average.
This event is often perceived as a bullish signal by traders, indicating a potential shift in momentum from bearish to bullish. In the context of Shiba Inu, this development could mark a turning point, potentially opening the doors to substantial price appreciation.
Source: TradingView
Current State of Shiba Inu
The current market data reveals SHIB’s potential ascendancy, with its price hovering around $0.00001047 according to CoinGecko. Despite a slight 1.1% dip in the past 24 hours, the crypto has exhibited a commendable seven-day rally of 7.0%, underscoring its resilience and growing investor interest.
SHIB price action today. Source: Coingecko
In the three years since its inception, Shiba Inu’s journey has been marked by rising fervor, culminating in a staggering 3.54 million addresses, a statistic validated by IntoTheBlock. However, the recent surge in momentum is palpable, particularly in the last month, which witnessed an electrifying surge in activity.
Shiba Inu is currently trading at $0.00001052. Chart: TradingView.com
Notably, the number of new SHIB addresses has surged by an astonishing 115% on a weekly basis, indicating an unparalleled level of investor enthusiasm and anticipation. This trend shows no signs of abating, as the past seven days alone have witnessed a remarkable 14.18% increase in SHIB addresses.
Shibarium: A New Age For SHIB Ecosystem
All eyes are now fixated on the impending release of Shibarium, a long-awaited protocol set to debut as early as August 15 or 16. This impending launch is expected to be a watershed moment, reshaping the entire landscape of the Shiba Inu ecosystem.
The anticipation surrounding Shibarium has undoubtedly fueled the recent surge, as investors eagerly speculate on the protocol’s potential impact.
SHIB is at a critical juncture, teetering on the brink of a technical transformation with the Golden Cross pattern looming on the horizon. With its recent price rally and the mounting excitement surrounding Shibarium, the coming weeks could prove instrumental in defining SHIB’s trajectory in the ever-evolving cryptocurrency market.
As traders and enthusiasts watch intently, SHIB’s journey continues to captivate with its twists and turns, promising both risks and rewards.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Lexica