Shiba Inu Bulls Eye $0.000006 Target Amid Golden Cross Completion
Shiba Inu (SHIB) has been on an upward trend, with its price rising by 17% over the past week. The crypto market as a whole rebounded after the Federal Reserve raised its benchmark rate by a quarter percentage point to between 3.75% and 4%. Despite headwinds from policy and macroeconomic factors, the bulls pushed through and helped drive up prices.
The SHIB price rose for three consecutive days, completing a golden cross on its hourly chart. This occurred after the failure of the Clarity Act bill and the Securities and Exchange Commission's order creating a regulatory pathway for certain trading venues to issue tokenized representations of publicly traded U.S. stocks. The 50 MA rose above the 200 MA on the hourly chart, marking this significant development.
The next target for the bulls is in the $0.000006 range, but there are hurdles to overcome first. A major obstacle at $0.00000575 must be conquered, and a slight barrier lies at $0.00000558. According to Glassnode, altcoin leverage is still below its risk threshold, indicating potential for further growth.
However, if overheated conditions are confirmed in the market, a retrace might cut short Shiba Inu's journey towards the $0.000006 range.