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Despite remaining largely in a consolidation phase, today’s 5.96% increase brings optimism that the SHIB price may soon realize the bullish momentum that has been developing.
Although the rise is significant, it has not completely recovered from its recent downturn, maintaining a 2.85% loss since last Tuesday. Even with the ‘Uptober’ sentiment gaining traction towards the month’s end, November appears to be pulling SHIB back.
Today’s movement is noteworthy, as investors seem to flock to the meme coin, resulting in a 43% increase in trading volume, reaching $383 million.
SHIB Price Approaches Golden Cross – Is a Rally on the Horizon?
The late October optimism for a bullish crossover seems to be resurfacing after a challenging start to the month.
SHIB / USDT 1D chart, impending golden cross. Source: Binance.
While last week’s close resulted in the loss of the long-term trendline support of the 50SMA, dampening crossover expectations, today’s increase has restored it.
The 50SMA continues to converge with the 200SMA, moving closer to a bullish crossover event – a development that typically aligns with notable increases in the SHIB price. The last occurrence, a bearish death cross, resulted in considerable downside.
Importantly, this aligns with what seems to be the onset of an ascending triangle formation, as pressure builds towards a breakout from the persistent resistance around $0.00001910, which has served as a ceiling for the past month.
Similarly, the MACD also appears to be nearing a bullish crossover with the signal line after some hesitation, reinforcing bullish sentiment for the near future.
The recent stagnation in SHIB’s price movement may be linked to the anxieties surrounding the U.S. election, a concern for traders that could ease as election day approaches.
Thus, a bullish crossover and a breakout from the triangle pattern could proceed without interruption, assuming the market responds positively to the elected candidate.
With a breakout, the SHIB price may rise to confront the previous resistance at $0.00002170.
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However, the foundation has already been established for a much more significant breakout stemming from a multi-month bullish descending wedge pattern breakout.
This New Opportunity is Making Waves
While this certainly sounds bullish for the leading cryptocurrency, fortune favors the bold – emerging opportunities that hold the potential for substantial gains.
As the “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden surges in popularity, strategic investors may find it advantageous to diversify into newer low-cap meme coins with significant growth potential.
One such coin is Pepe Unchained ($PEPU), a meme coin that goes beyond traditional utility. It addresses two of the most pressing issues in the current crypto landscape: transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s constraints, offering lower fees and transaction speeds that are 100 times faster.
It’s not merely a meme coin; it’s a meme chain! This may contribute to its rapid success, raising nearly $25 million in its presale thus far!
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Pepe Unchained is coming. And it’s going to shake up the crypto space. pic.twitter.com/ZVnvgO6MGF— Pepe Unchained (@pepe_unchained) September 26, 2024
Builder GrantsThis confidence can also be attributed to Pepe Unchained’s dedication to transparency. It has undergone two audits and features its own block explorer, enabling users to monitor all transactions on its unique chain.
At a temporarily fixed presale price of $0.01219, those who act swiftly stand to gain the most. Investors are currently enjoying a generous 96% APY. This presents a valuable passive income opportunity, even amid recent market fluctuations.
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The post Shiba Inu’s Golden Cross Faces Resistance – What SHIB Traders Need to Know Now appeared first on Cryptonews.
