Key Insights
- Shiba Inu’s 9-day and 26-day moving averages are nearing a golden cross on the hourly chart, signaling possible upward movement.
- SHIB has gained 0.38% in 24 hours, trading just above the expected golden cross trigger point of $0.000007271.
- Trading volume jumped 33.47% to $93.52 million, reflecting increased investor activity amid renewed optimism.
Shiba Inu is showing signs of renewed momentum as the meme coin inches closer to a golden cross setup on its hourly trading chart. The potential formation is developing as the 9-day moving average approaches convergence with the 26-day moving average. This technical pattern is typically seen as a bullish signal when the short-term average crosses above the long-term one.
At the time of reporting, SHIB is trading at $0.000007328, reflecting a modest gain of 0.38% in the last 24 hours. This price level holds just above the anticipated crossover point at $0.000007271. The price rebound follows a period of consistent downward pressure that has kept the token below the $0.00001 mark for an extended period.
Increased volume points to rising activity
According to data from CoinMarketCap, SHIB’s trading volume surged by 33.47%, reaching $93.52 million. This uptick in activity suggests improving market engagement, potentially reversing the cautious sentiment that previously surrounded the asset due to high volatility.
Despite ongoing token burns intended to reduce SHIB’s circulating supply, the impact on price action remains minimal. Several tokens have been moved to dead wallets recently, but the burn rate lacks consistency. This limited deflationary impact has failed to provide strong support for a sustained price recovery.
Sell pressure persists despite rallies
Recent rebounds have often been met with quick sell-offs as investors continue to react defensively to market uncertainty. The sell pressure has dampened earlier hopes for a prolonged upward trend following the last golden cross formed in early December. The current pattern is being closely observed as SHIB bulls attempt to defend recent gains.
