Shiba Inu (SHIB) Trading Volume Surges 40% Amid Market Rally, Signaling Revived Bullish Momentum

Shiba Inu (SHIB) is charging ahead with a 40% rise in trading volume, signaling revived bullish momentum as it nears a golden cross formation.

Shiba Inu (SHIB) price surged on Monday, as the token moved closer to a golden cross formation. The meme-inspired cryptocurrency saw its trading volume increase by 40%, while SHIB’s price rose by 6.1% to reach $0.0000179.

Shiba Inu price saw a huge increase in trading volume, as the token rose sharply on Monday. According to data from CoinMarketCap, the total spot market volume for Shiba Inu increased by 40% over the past 24 hours, and was valued at $397,133,105 at the time of writing.

This news comes as the price of SHIB rose by 6.1% during the day, and was trading at $0.0000179 at the time of writing. As highlighted in recent U.Today coverage, the price of the meme cryptocurrency dropped to its lowest since the last week of October, and faced selling pressure for five days in a row.

However, a candle today absorbed all of this downward movement, with the 23-day moving average serving as a dynamic resistance level.

A golden cross is also forming on the price chart, with the 50-day moving average rising and the 200-day moving average falling. A golden cross can be created when the two lines meet.

This pattern appeared in SHIB’s price history multiple times, and is considered a bullish signal in technical analysis.

Shiba Inu Price Surged 454% After Last December Cross

The last time this occurred was in December 2023, and the Shiba Inu token price went on to soar by 454%, rising from $0.0000083 to reach $0.00004567 at its peak.

However, concerns were raised over the viability of the golden cross, or whether it was still preparing, as a string of red candles appeared over the past few days. Now, SHIB’s bullish behavior may have brought the topic back into the spotlight regarding what’s next for the meme coin’s price.