Shiba Inu Cryptocurrency Witnesses Golden Cross, Indicating Potential Uptrend

According to U.Today, Shiba Inu (SHIB), a cryptocurrency, recently experienced a golden cross on its hourly charts. A golden cross, a widely recognized technical indicator, occurs when a short-term moving average surpasses a long-term moving average, often signaling a potential significant uptrend. For SHIB, the golden cross was formed when the 50-hour moving average rose above the 200-hour moving average on its one-hour chart, indicating that short-term prices were outpacing the long-term trend. This technical event coincided with a notable 20% increase in SHIB's price, generating optimism within the community. Shiba Inu's price jumped by 20% as bulls consolidated on a sharp rebound, which originated from the previous daily SMA 50 barrier, now acting as support. The cryptocurrency started to rise from lows of $0.00002430 on May 27 and has been climbing for three consecutive days, reaching highs of $0.0000294 in the recent trading session. However, at the time of writing, SHIB had lost some of its intraday gains and was up 10% in the last hours to $0.00002735, according to CoinMarketCap data. While the golden cross and the subsequent price increase are promising, the future of Shiba Inu, like any other cryptocurrency, depends on various factors. Broader market sentiment and global economic factors could influence Shiba Inu's price trajectory. Technical analysts are closely watching SHIB's price action following the bullish crossover. If SHIB can maintain its upward momentum and break through key resistance levels, it could see further significant gains. The next major resistance level is around $0.00003285, and a successful breach of this level could set the stage for even higher targets. However, to reach this level, SHIB must decisively breach the $0.00003 level while staying above the daily SMA 50 at $0.0000244.