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Cryptocurrency News Articles
Shiba Inu (SHIB) Nears First Golden Cross Since December 2023, Raising Speculation of Another Price Rally
Oct 21, 2024 at 05:01 am
The convergence of its 50- and 200-day moving averages raises speculation about another potential price rally. Historically, SHIB has experienced significant surges after similar technical patterns.
Shiba Inu (SHIB), the meme-inspired cryptocurrency, is seeing its first golden cross since December 2023. This convergence of the 50- and 200-day moving averages has traders speculating on another potential price rally. SHIB has historically seen large price surges after such technical patterns.
Golden Cross May Signal Potential for Price Surge
The price of Shiba Inu (SHIB), the popular meme-inspired cryptocurrency and second-largest in its sector, is rising as it nears the first golden cross on its price chart since December 2023.
As can be seen on the daily SHIB price chart, two moving averages, the 50-day and the 200-day, are converging.
Price Volatility Follows Breakout
The price of SHIB reached a six-month low of $0.00001548 on October 3 after rising by 57% over eight days following its recent breakout from a six-month downtrend. The price then dropped by more than 27% over the following six days. However, over the following 17 days, the price rose by 19.78%, converging the moving averages that tracked the entire rise.
Historical Patterns in SHIB’s Price
This happened once before in January of last year, and in the following two weeks, the price of the Shiba Inu token rose by nearly 48%. Before the curves re-crossed to form the so-called death cross on July 17 of this year, the price of SHIB increased by 148%, reaching a peak of 475% for the meme-inspired token.
Future Price Movements Remain Uncertain
It’s worth noting that just because the golden cross is forming once again for SHIB, it doesn’t necessarily mean the same will happen again, U.Today reports. However, looking at the golden cross history of the popular coin, the token has seen growth following them statistically, but not consistently.
For example, one day after the February 2023 gold cross, the price of SHIB went up by 25%; a few weeks later, it dropped by 28%; and finally, the curves crossed again to form a death cross.
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