Although there are still many constraints during the consolidation process, today's increase of 5.96% brings hope that SHIB's price could soon achieve the bullish momentum that is forming.
Although the increase is significant, it has not yet fully recovered from the recent decline, still maintaining a loss of 2.85% since last Tuesday. While the 'Uptober' sentiment is starting to appear towards the end of the month, November seems to be holding SHIB back.
Today's move has significant impact, as investors seem to be flocking to this meme coin, with trading volume increasing by 43%, reaching $383 million.
SHIB Price Fluctuates Above Golden Cross – Is a Bull Run Coming?
The hope for a bullish crossover at the end of October seems to have returned after a difficult start to the month. While last week's closing level saw the loss of the long-term support line of 50SMA, reducing hopes for the crossover, today's increase has reclaimed it.
The 50 SMA line continues to converge towards the 200 SMA, getting closer to a bullish crossover event – a move often coinciding with significant price increases of SHIB. The most recent such event, a bearish crossover, saw a significant decline.
Notably, this coincides with what seems to be the beginning of an ascending triangle pattern, as pressure builds towards breaking the stubborn resistance around $0.00001910, which has served as a ceiling over the past month.
Similarly, the MACD also seems to be approaching a bullish crossover with the signal line after a period of hesitation, reinforcing short-term bullish sentiment.
The recent complacency in SHIB's price volatility may be due to anxiety surrounding the U.S. elections, stressing traders but may ease as we approach election day.
Therefore, the bullish crossover and the breakout of the triangle pattern could occur continuously, as long as the market reacts positively to the elected candidate.
Upon breakthrough, SHIB's price could rise to face the previous resistance level of $0.00002170.
However, the groundwork has been laid for a much more significant breakthrough after breaking the prolonged descending wedge pattern lasting several months.