Shiba Inu stands out on the SHIB/USDT chart with a noteworthy 13% price spike in the previous two days, while the cryptocurrency industry is going through a correction, with both Ethereum and Bitcoin losing less than 5% of their value in the last 24 hours. This increase coincides with a notable burn rate volume spike that may be the biggest of the year.
The movement of SHIB suggests the possibility of a bullish Exponential Moving Average (EMA) cross, also referred to as the golden cross, based on technical analysis. This is a classic sign of a very positive market attitude when a shorter-term EMA, like the 50-day EMA, crosses over a longer-term EMA, like the 200-day EMA. Should this golden cross come to pass, SHIB may have more upward momentum.
At the moment, SHIB is moving through an ascending channel and is receiving consistent support on the bottom edge. Possible resistance levels are based on the most recent peak.
Given the present positive mindset, the next immediate goal might be placed at the previous high reached prior to the market-wide downturn. If this level is broken, SHIB could be poised to take on the next barrier, which could be inferred from the peak of the prior notable price moves inside the channel.
At the moment, SHIB is moving through an ascending channel and is receiving consistent support on the bottom edge. Possible resistance levels are based on the most recent peak.
Given the present positive mindset, the next immediate goal might be placed at the previous high reached prior to the market-wide downturn. If this level is broken, SHIB could be poised to take on the next barrier, which could be inferred from the peak of the prior notable price moves inside the channel.
