Over the last 24 hours, Shiba Inu [SHIB] has shown a 3.5% increase, with a notable 12.2% rise in the past month. However, it has yet to match the impressive performance of Dogecoin [DOGE], the leading meme coin, which surged by 24% in just one month.
Despite trading under a resistance zone, positive expectations surround Shiba Inu in the upcoming weeks and months.
Anticipating the Shiba Inu Golden Cross and its Implications
Bullish momentum has been evident behind Shiba Inu as indicated by the Awesome Oscillator. The daily chart reflects a bullish market structure, with trading volume exceeding that of September.
The price is approaching the $0.00002 resistance zone positively. However, the On-Balance Volume (OBV) remains close to the lows of August and September, signifying the need for increased buying pressure to facilitate a strong breakout.
The golden cross, where the 50 and 200-period moving averages intersect bullishly, has not yet occurred. Once this event happens, traders could interpret it as a signal indicating a potential uptrend for Shiba Inu.
Hurdles Faced by SHIB Bulls
While price action and momentum look favorable, the buying volume appears lackluster. This pattern is also observed in the mean coin age, suggesting ongoing network-wide distribution since September.
Furthermore, recent gains have put short-term holders in a profitable position, potentially prompting them to sell SHIB, thereby impeding a breakout beyond $0.00002.
Disclaimer: The views expressed in this content are personal opinions and do not constitute financial, investment, trading, or any other form of advice.