The dog-themed cryptocurrency Shiba Inu (SHIB) is headed towards its first golden cross since February, which indicates a strengthening bullish trend when the daily SMA 50 exceeds the daily SMA 200.
As of the time of writing, Shiba Inu’s daily SMA 50 at $0.00000796 has just barely passed over the daily SMA 200 at $0.00000794, according to TradingView charts.
SHIB saw gains of 6% at the end of November, rising over $0.0000097, a level last reached in August.
After closing higher in November, Shiba Inu saw increases for the second month in a row, and it looks like the trend is holding. Shiba Inu has gained 1.21% in December, giving it a strong start to the month.
Technical analysts often use a golden cross, which is seen to be a sign of a developing bull market. Larger price gains may arise from traders utilising SMA techniques exerting purchasing pressure in response to this suggestion.
Moving averages, on the other hand, are thought of as indicators that look backwards, therefore the golden cross signal merely shows that the market has outperformed its long-term gains in the short run.
However, the majority believe that the golden cross portends future price increases.
November ended well for Shiba Inu, as the company unveiled many new advancements over the month. Three editions of the Shiba Inu magazine have been released since its start.
273 transactions burnt 1,368,684,064 SHIB tokens in November. In three different transactions during the past 24 hours, 112,812,926 SHIB tokens were destroyed.
As of writing, SHIB was up 1.32% over the previous day to $0.00000833.
