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Today marked not only a new all-time high for Bitcoin but also a major breakout on the Shiba Inu (SHIB) price chart. According to Binance, the popular meme-inspired cryptocurrency "shot up" 11.44% today, going from $0.00001785 to $0.0000199.
More importantly, however, the price of the Shiba Inu token overcame a key dynamic resistance in the form of the 200-day moving average. If the SHIB price manages to maintain here, it can be seen as a confirmation of the bullish trends for the twelfth largest cryptocurrency.
The impending golden cross on the daily chart of the Shiba Inu token also indicates that the flag is on the side of the bulls. The falling 200-day moving average is also involved in its formation, as well as the lower 50-day moving average, which is rising. When the smaller curve crosses the older one, a golden cross is formed.
The last time this happened with the price of the popular meme cryptocurrency was in December 2023. Then, at the peak after its formation, the price of SHIB reached about $0.000045 per token by March, which was almost 450% higher than at the beginning.
However, things may be different with the golden cross this time around, as the price of the Shiba Inu token already seems to be on a bullish trend. Perhaps it is the anticipation of the golden cross and its success in the past that is now working in advance to push the SHIB price up.