Shiba Inu Surges Past Golden Cross Hurdle
Shiba Inu's price has been on the rise after a significant rebound in the cryptocurrency market. Following a quarter percentage point interest rate hike by the Fed, the crypto market saw a boost with Bitcoin and altcoins rallying instead of declining as expected. Shiba Inu's price rose from $0.00000474 to $0.00000551, a 17% increase, as the bulls pushed through policy and macroeconomic headwinds.
The completion of a golden cross on its hourly chart marked a positive development for Shiba Inu. A golden cross occurs when the 50-day moving average rises above the 200-day moving average, indicating a potential upward trend. This comes after a death cross emerged on the four-hour chart was invalidated by the rebound.
With the next target for bulls in the $0.000006 range, there is still one major hurdle to overcome: the price of $0.00000575. Additionally, altcoin leverage remains below its risk threshold, according to Glassnode, indicating potential for further growth. However, if overheated conditions are confirmed, a retrace might cut short Shiba Inu's journey towards the $0.000006 range.