u.today
Dog-themed cryptocurrency Shiba Inu ($SHIB) is on the brink of revealing a moving average crossover for the first time in the year 2024. With the daily SMAs 50 and 200 poised to converge, the market is keeping a watchful eye out for the formation of either a golden or death cross.
According to TradingView data, $SHIB will see its first moving average crossover this year, with the daily simple moving averages (SMA) of 50 and 200 projected to converge within a few days. The last time $SHIB experienced a golden cross was in December 2023.
Traders typically use the 50-day and 200-day SMAs to gauge market trends, with crossovers resulting in either a golden cross or a death cross. Golden cross, a bullish pattern, occurs when the 50-day SMA crosses above the 200-day SMA, signaling a potential upswing.
The death cross, on the other hand, is a bearish pattern that occurs when the 50-day SMA crosses below the 200-day SMA, suggesting a possible downtrend.
Golden cross or death cross?
As $SHIB approaches this critical juncture, market watchers are keenly observing the behavior of the 50-day and 200-day SMAs. Currently, the 50-day SMA appears to be heading downward, raising the likelihood of a death cross. If this pattern occurs, it could indicate a bearish trend, potentially impacting $SHIB’s price.
As the scenario unfolds, the daily SMA 50 and SMA 200 will be closely watched for their convergence and subsequent crossover. The nature of the crossover — whether it will be a golden cross or a death cross — remains uncertain.
As $SHIB nears this pattern formation, all eyes are on its price to adjudge the next direction. A death cross formation could usher in the bottoming phase for $SHIB. A golden cross might herald a fresh bullish upswing for the $SHIB price.
At the time of writing, $SHIB was up 2.35% in the last 24 hours to $0.00001744 and up 6.35% weekly.