The post Shiba Inu Price Shows Potential for Breakout Amid Chart Patterns and Golden Cross Signals appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) is poised for significant price movements as key chart patterns hint at a possible breakout after a notable correction. The cryptocurrency has surged over 71.5% in early November, suggesting strong investor interest despite a recent 20% pullback to $0.000024, which points to a potential recovery zone. According to a recent analysis by COINOTAG, “The emergence of a golden cross on SHIB’s daily chart indicates a bullish trend that could lead to substantial price surges.” Shiba Inu’s price dynamics show a potential bullish breakout as chart patterns reveal significant investor interest despite a recent correction. Shiba Inu’s Recovery Indicators and Market Sentiment The meme cryptocurrency Shiba Inu (SHIB) has demonstrated resilience in November 2023, rallying significantly, followed by a healthy correction. The recent price action suggests that SHIB is not merely driven by speculative buys but is also supported by evolving technical indicators. Notably, the price found support at $0.000024, indicating a renewed interest among buyers. Analysts observe that if the price can reclaim the pivotal $0.00003 level, it could pave the way for additional gains, potentially leading to a 23% increase shortly. The Golden Cross: A Sign of Bullish Potential A key factor driving the positive outlook for SHIB is the formation of a golden cross on its daily chart, a compelling bullish indicator where the short-term moving average crosses above the long-term moving average. Historical data from SHIB’s previous golden cross, which occurred between December 2023 and March 2024, reveals a staggering 450% price increase, highlighting the importance of this technical signal. This trend not only points to a potential revival in price but also to a growing market confidence in SHIB’s application beyond just being a meme token. Market Cap and Long-Term Aspirations for SHIB Despite the recent volatility, Shiba Inu’s ambition remains clear: to…

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Filed under: News - @ November 17, 2024 3:19 pm