Shiba Inu’s Golden Cross Points to Short-Term Momentum Surge

• Shiba Inu’s golden cross signals potential short-term bullish momentum.
• SHIB price rises 6% amid broader crypto market recovery.
• Market consolidation persists, but Shiba Inu shows signs of strength.

Shiba Inu (SHIB) has experienced a surge of optimism in its market performance, with its latest chart patterns signaling strong potential. According to recent analysis, SHIB has completed a golden cross on its hourly chart. This technical pattern occurs when the 50-period moving average (MA) crosses above the 200-period MA, which is widely regarded as a bullish indicator for short-term momentum. This pattern was confirmed by SHIB’s price rising 6% over the weekend, marking the most significant price movement in over 20 weeks.

At the time of writing, SHIB’s value had increased by 6.56% in the last 24 hours, settling at $0.0000065. Over the course of the past week, SHIB has seen an impressive 7% rise. This rebound follows the broader recovery in the cryptocurrency market, which was sparked by lower-than-expected Consumer Price Index (CPI) readings. The favorable CPI report has encouraged market participants to anticipate interest rate cuts from the Federal Reserve, further bolstering investor sentiment across various assets, including cryptocurrencies.

Source: Tradingview

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The Market Environment and Shiba Inu’s Performance

The market is currently navigating a phase of consolidation after the significant downturn it faced since the October crash. Despite the positive movement in Shiba Inu’s price, experts caution that the overall market environment remains uncertain, as investors remain on edge. The Crypto Fear & Greed Index currently shows extreme fear, with a reading of 11. This suggests that many traders are proceeding with caution and prefer to stay on the sidelines rather than making aggressive moves.

Shiba Inu, specifically, has been fluctuating within a narrow range between $0.000005 and $0.000007 since the beginning of February. Although the golden cross indicates potential for more gains in the short-term, the broader market consolidation is likely to continue in the coming weeks. The main support level for SHIB is expected to form near the $0.000005 mark, while resistance levels are pegged at $0.000007 and $0.0000076.

Future Outlook for Shiba Inu

As Shiba Inu continues its battle within this range, the market will be closely watching any developments in the broader crypto landscape. Factors like interest rate expectations and CPI data will play a crucial role in shaping the outlook for SHIB and its peers in the near future. With the market still in “extreme fear,” the next few days could be pivotal in determining whether Shiba Inu can sustain its upward momentum or face further consolidation.

Despite the current optimism surrounding SHIB’s golden cross, traders are advised to stay vigilant and monitor market conditions as the crypto space continues to adjust to economic shifts.

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