Shiba Inu (SHIB) has emerged as a star player in the face of the turbulent currents of the crypto market, signaling a potential game-changing move on the horizon.
Bolstered by a strong 28% price increase over the past eight days, SHIB is now at the precipice of what traders call a “Golden Cross,” a technical pattern that may herald further significant gains.
The Golden Crossa term coined within the field of technical analysis, is an important point where the short-term moving average of a cryptocurrency crosses over its long-term moving average.
This event is often viewed as a bullish signal by traders, indicating a potential shift in momentum from bearish to bullish. In the context of the Shiba Inu, this development could mark a turning point, which could open the doors to more price appreciation.
Source: TradingView
Current State of the Shiba Inu
Current market data reveals the potential upside of SHIB, with its price hovering around $0.00001047 according to CoinGecko. Despite a slight decrease of 1.1% in the last 24 hours, the crypto showed an admirable seven-day rally of 7.0%, highlighting its stability and growing interest among investors.
SHIB price action today. Source: Coingecko
In the three years since its inception, Shiba Inu’s journey has been marked by increasing enthusiasm, culminating in a staggering 3.54 million addresses, a statistic confirmed by IntoTheBlock. However, the recent surge in momentum is evident, especially in the last month, which has witnessed a strong surge in activity.
Shiba Inu is currently trading at $0.00001052. Chart: TradingView.com
In particular, the number of new SHIB addresses increased by an astonishing 115% per week, indicating an unprecedented level of investor enthusiasm and anticipation. This trend shows no signs of stopping, as the last seven days alone have witnessed a remarkable 14.18% increase in SHIB addresses.
Shibarium: A New Era For The SHIB Ecosystem
All eyes are now focused on the future release of Shibariuma long-awaited protocol set to debut on August 15 or 16. This upcoming launch is expected to be a watershed moment, changing the entire landscape of the Shiba Inu ecosystem.
The anticipation surrounding Shibarium undoubtedly fueled the recent surge, as investors eagerly speculated on the protocol’s potential impact.
The SHIB is at a critical stage, teetering on the brink of a technical revolution with the Golden Cross standard looming on the horizon. With its recent price rally and the growing excitement surrounding Shibarium, the coming weeks could prove crucial in determining SHIB’s path in the ever-evolving cryptocurrency market.
As traders and enthusiasts alike watch closely, SHIB’s journey continues to draw its twists and turns, promising risks and rewards.
(The content of this site should not be considered investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image from Lexica
