CandleFocus

Shiba Inu’s 36% Surge Triggers Golden Cross, But Sellers Step In

Author: Content Editor
Shiba Inu (SHIB) has experienced a strong breakout, resulting in a 36% rally and pushing its price to a five-month high. This has invigorated bullish momentum for the meme coin, but there is a potential risk of a correction from profit-taking investors. The rally has brought optimism to SHIB's community, but sustainability is crucial for its future moves. The recent rise in price has led to a bullish "Golden Cross" pattern, which suggests further growth potential for SHIB. However, the coin's macro momentum reflects caution, as approximately 30% of SHIB holders are in profit. Profit-taking tendencies could impact the coin's price and limit its ability to maintain its rally. Sustained growth depends on investor confidence and long-term holders' ability to hold their positions. Currently trading at $0.00002583, SHIB is eyeing a move towards a critical resistance level of $0.00002976. If successful, it could reach a psychologically significant price target of $0.00003000. However, this resistance level has historically been challenging, and a failure to break through could result in a pullback and potential losses. A decline beyond a certain point would mark the end of the rally and could lead to lower trading levels.

Related News