Golden Cross Sparks Optimism, Followed by Correction
A recent golden cross formation in Shiba Inu (SHIB) brought a wave of excitement to the market. This technical indicator, where the 50-day moving average crosses above the 200-day moving average, is often seen as a signal of potential price growth. However, after reaching a high of $0.00002622, SHIB experienced a sharp drop of 4.07% to its current value of $0.00002453 within 24 hours.
Volatile Market Sentiment
Increased volatility, as confirmed by the widening of Bollinger Bands, indicates persistent selling pressure. If SHIB fails to stabilize above key support levels, further price declines may occur. The critical support levels are currently at $0.00001902 and $0.00001833.
Network Growth and Blockchain Activity
New Addresses Signal Rising Investor Interest
According to data from Santiment, the Shiba Inu network saw a significant surge in activity. The number of new addresses peaked at 6,612 before stabilizing at 4,612. This increase reflects growing investor interest, which could positively influence price stability.
Blockchain Activity and Price Trends
Enhanced blockchain activity often correlates with price growth. If the network can maintain elevated levels of activity, it may help reinstate a bullish trend. Conversely, a decline in interest could negatively impact price stability.
Critical Support Levels for SHIB
Key Zones to Maintain Price Stability
To stabilize, SHIB must remain above the $0.00002450 level. The psychological barrier is at $0.00002300, while the key 50-day moving average lies at $0.00001902.
Potential Price Movements
Failure to hold these support levels could see SHIB's price drop to $0.00001833 or lower. Conversely, a rebound above $0.00002600 could indicate renewed bullish momentum.
Conclusion: Key Moments for Shiba Inu
The appearance of a golden cross brought optimism, but subsequent price movements reveal the challenges of maintaining upward momentum. Key support levels and increasing network activity will play a crucial role in shaping SHIB's future price trajectory. The crypto community is now closely monitoring how Shiba Inu navigates these challenges and rekindles investor interest.
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