Shiba Inu Faces Price Correction After Golden Cross: Focus Shifts to Important Support Levels
Cruz de Ouro awakens 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 sign 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 in 24 hours.
Volatile market sentiment
The increased volatility, confirmed by the widening Bollinger Bands, indicates persistent selling pressure. If SHIB fails to stabilize above key support levels, further price declines are likely. Critical support levels are currently at $0.00001902 and $0.00001833.
Network growth and blockchain activity
New addresses signal growing investor interest
According to data from Santiment, the Shiba Inu network has seen a significant increase in activity. The number of new addresses peaked at 6,612 before stabilizing at 4,612. This increase reflects growing investor interest, which could have a positive impact on price stability.
Blockchain Activity and Price Trends
Improved blockchain activity often correlates with price growth. If the network can maintain high levels of activity, it could help reestablish an uptrend. Conversely, a decline in interest could negatively impact price stability.
Source: Santíment
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 is at $0.00001902.
Potential price movements
Failure to hold these support levels could see the SHIB price drop to $0.00001833 or lower. Conversely, a recovery above $0.00002600 could indicate renewed bullish momentum.
Conclusion: Key Moments for Shiba Inu
The emergence 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 reignites investor interest.#TopCoinsSeptember2024 #TopCoinsSeptember #BecomeCreator $BTC $SHIB
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