1. Market Overview
Last week, we explored scenarios that could lead to a golden cross formation on Shiba Inu's (SHIB) price chart.
Over the past week, the cryptocurrency market dropped by 7%, losing $162.7 billion due to Tether-related news and geopolitical concerns.
Shiba Inu (SHIB) fell more sharply, declining from $0.00001934 to $0.00001583, nearly doubling the average market loss.
2. SHIB’s Price Movement
Despite the market downturn, SHIB made an unexpected upward move, surpassing the $0.0000163 level, where the 50-day moving average sits.
This upward push and retest of the 50-day moving average show that bulls are actively defending this support range.
3. Golden Cross Components
The 50-day moving average is a key component of the golden cross, where it could potentially cross above the longer-term moving average.
Despite recent volatility and the double-digit drop, SHIB has remained within the range of the two moving averages.
4. Outlook for SHIB
SHIB’s resilience within this range supports the initial prediction that it may be on track for a golden cross.
This pattern, if it forms, offers a promising outlook for SHIB and its supporters, suggesting potential upward momentum.