Shiba Inu’s Golden Cross Sparks Hope For Bullish Run

Although Shiba Inu is in the green and currently trading at $0.00002545, that's still 15% down from its top on November 12th.

Shiba Inu’s price action has been lackluster in 2023, with SHIB failing to post any noteworthy gains despite the broader market rally.

However, a closer look at the daily chart reveals that Shiba Inu’s technical indicators are hinting at a potential uptrend.

Shiba Inu’s recent Golden Cross and sustained defense of a key support level have sparked optimism among some traders.

Meanwhile, a new low-cap meme coin, Cutoshi, has attracted almost $1 million in investment after going viral on X.

Shiba Inu’s Golden Cross Sparks Hope For Bullish Run

Although Shiba Inu is in the green and currently trading at $0.00002545, that’s still 15% down from its top on November 12th.

While it’s up by 42% on the biweekly charts, that pales in comparison to DOGE’s 133% gain over the same time period.

Of course one of the reasons why Dogecoin has done so well is its links with Elon Musk and the President-Elect.

Nevertheless, X analysts such as $SHIB KNIGHT and $SHIB MORTAL are saying that Shiba Inu’s charts are looking strong and are ready for a breakout.

Moreover, looking at the daily chart, we can see that $SHIB recently achieved a Golden Cross, as the 50-day SMA crossed the 200-day SMA.

This is a highly bullish sign, especially when we note that the last cross was a death cross back in July; the price declined substantially until just before the Golden Cross on the 12th.

If Shiba Inu can defend the $0.0000023 support level, then the price of SHIB looks set to continue rising.

According to analyst Ibrahim Ajibade, if Shiba Inu can do this and “break above the upper Donchian Channel at $0.00003045” then a bullish scenario could be in store.

Pepe Coin Bull Flag Pattern Hints At Potential Breakout

Like DOGE, Pepe coin has posted impressive gains of late, achieving a 145% growth in the last two weeks, partly due to the upcoming PEPE Coinbase listing and a tweet by Elon Musk.

According to Beincrypto analyst Victor Olanrewaju, Pepe is forming a bull flag pattern on the four-hour chart, meaning that a breakout above $0.000025 is likely and possibly even reaching $0.000041.

Pepe also formed a Golden Cross on the 13th of November, but Binance’s analyst Moon5labs notes that PEPE will need to smash the said psychological barrier of $0.000025 before traders should feel bullish.

Should that happen, then a possible 10x for Pepe coin is predicted.

However, recent IntoTheBlock data shows a 29% decline in large holder inflows over the past week.

Additionally, a significant drop in transaction volume from over 3,000 to 660 between November 14 and 18 suggests that large investors are realizing profits and adopting a wait-and-see approach.

Cutoshi’s Unique Selling Point A Blend Of Meme And Utility

Cutoshi is a presale project that, like Shiba Inu, mixes memes with DeFi capabilities.

Although the coin is new, it has already attracted significant attention, going viral and trending on X and is close to raising $1 million in presale funding.

The token is only in stage three of a ten-stage presale, indicating that this is just the beginning for $CUTO, already up 72% since its presale went live.

Cutoshi is based on the avatar of the Chinese Lucky Cat and the principles of Satoshi Nakamoto.

This means it’s tapping into a meme-hungry market while providing longevity through its more serious aim of bringing DeFi to the masses.

Previous bull runs have seen ‘normies’ wade into meme coins such as Dogecoin, this cycle is likely to be similar.

As the market matures, people want a better narrative than before.

Cutoshi’s position as a DeFi ecosystem, with its upcoming cross-chain DEX, utility-based NFTs and a Learning Portal to educate people on the benefits of DeFi, might be just the thing that new and more experienced investors are looking for.