Shiba Inu Forms Golden Cross Following 10% Price Rally: What’s Next?
The post Shiba Inu Forms Golden Cross Following 10% Price Rally: What’s Next? appeared on BitcoinEthereumNews.com. Dog-themed cryptocurrency Shiba Inu (SHIB) has flashed a key technical signal — a golden cross — on its four-hour chart, fueling optimism among traders and investors. This bullish crossover occurs when the short-term moving average (typically the 50-period) crosses above the long-term moving average (typically the 200-period), which is frequently seen as a signal of continued upward momentum. SHIB/USD 4-Hour Chart, Courtesy: TradingView In the last 24 hours, SHIB has increased by 10%, riding the wave of a larger crypto market boom that has lifted several major altcoins. Bitcoin reached a fresh all-time high as investors piled into risk assets and closed short positions. You Might Also Like Over $1.30 billion in crypto positions were liquidated in the last 24 hours, according to CoinGlass. A total of $1.15 billion in shorts accounted for this figure, marking the largest day of short liquidation in four years. When traders utilize leverage to short a cryptocurrency and the price rises, they buy back from the market to close their bets, pushing the price higher and liquidating more positions. What’s next? Shiba Inu has increased 20% this month, its strongest performance since November, with prices up more than 10% in the last 24 hours, according to CoinMarketCap data. The gain is consistent with risk sentiment on the cryptocurrency market, with several digital assets recording double-digit gains. SHIB’s impressive month-to-date gain follows a successful defense of the April low at around $0.00001005, indicating the formation of a double bottom pattern on the daily chart. If confirmed, the pattern’s resistance is represented by the May high of $0.00001764. A breakout past that level would indicate a significant bull run. Shiba Inu has broken out of a consolidation range that has held since late May, rising above the daily SMA 50 at $0.0000124. SHIB continues to face…
The post Shiba Inu Forms Golden Cross Following 10% Price Rally: What’s Next? appeared on BitcoinEthereumNews.com.
Dog-themed cryptocurrency Shiba Inu (SHIB) has flashed a key technical signal — a golden cross — on its four-hour chart, fueling optimism among traders and investors. This bullish crossover occurs when the short-term moving average (typically the 50-period) crosses above the long-term moving average (typically the 200-period), which is frequently seen as a signal of continued upward momentum. SHIB/USD 4-Hour Chart, Courtesy: TradingView In the last 24 hours, SHIB has increased by 10%, riding the wave of a larger crypto market boom that has lifted several major altcoins. Bitcoin reached a fresh all-time high as investors piled into risk assets and closed short positions. You Might Also Like Over $1.30 billion in crypto positions were liquidated in the last 24 hours, according to CoinGlass. A total of $1.15 billion in shorts accounted for this figure, marking the largest day of short liquidation in four years. When traders utilize leverage to short a cryptocurrency and the price rises, they buy back from the market to close their bets, pushing the price higher and liquidating more positions. What’s next? Shiba Inu has increased 20% this month, its strongest performance since November, with prices up more than 10% in the last 24 hours, according to CoinMarketCap data. The gain is consistent with risk sentiment on the cryptocurrency market, with several digital assets recording double-digit gains. SHIB’s impressive month-to-date gain follows a successful defense of the April low at around $0.00001005, indicating the formation of a double bottom pattern on the daily chart. If confirmed, the pattern’s resistance is represented by the May high of $0.00001764. A breakout past that level would indicate a significant bull run. Shiba Inu has broken out of a consolidation range that has held since late May, rising above the daily SMA 50 at $0.0000124. SHIB continues to face…
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