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The Popular Meme-Inspired Cryptocurrency Shiba Inu (SHIB) has seen over 40% growth in trading volume today, according to data from CoinMarketCap. Currently, Shiba Inu tokens have a combined turnover of almost $400 million in the spot markets.
This development comes as the price of SHIB increased by over 6.1% during today’s trading session. The Shiba Inu token is now trading at a valuation of $0.0000179 per SHIB. The popular meme cryptocurrency hasn’t been this high since late October and has actually seen selling pressure over the past five days.
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However, today’s candle has absorbed all of this downward movement and has now reached a dynamic resistance level, represented by the 23-day moving average.
At the same time, a golden cross continues to form on the price chart of Shiba Inu as the 50-day moving average continues to rise and the 200-day moving average continues to fall. When the two curves intersect, a golden cross can be formed.
What’s next for Shiba Inu (SHIB)?
According to the laws of technical analysis, this trend is considered a bullish signal, and the SHIB price history has repeatedly shown growth against the background of its appearance. The last time such a phenomenon happened was in December 2023, then the Shiba Inu token price at the peak increased by 454%, from $0.0000083 to $0.00004567.
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Just a few days ago, in the middle of a series of red bars, people were wondering if the long-awaited golden cross would happen or if the projects planned for this purpose had ended. Today, however, the bullish behavior of SHIB seems to reignite the question of what awaits the price of the coin.