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The popular meme-inspired cryptocurrency Shiba Inu (SHIB) saw more than 40% growth in trading volume today, according to data from CoinMarketCap. Currently, Shiba Inu tokens have a combined turnover of nearly $400 million on the spot markets.
This development comes as the price of SHIB is up over 6.1% in today's trading session. The Shiba Inu token is now trading at a valuation of $0.0000179 per SHIB. The popular meme cryptocurrency has not been this high since late October, and in fact has been under selling pressure for the past five days.
However, today's candle has absorbed all of this downward movement and has now hit a dynamic resistance level, represented by the 23-day moving average.
At the same time, a golden cross continues to form on the price chart of Shiba Inu as the 50-day moving average continues to rise and the 200-day moving average continues to fall. When both curves cross, a golden cross can be formed.
What's next for Shiba Inu (SHIB)?
According to the laws of technical analysis, this pattern is considered a bullish signal, and the history of SHIB's price has repeatedly shown growth on the background of its occurrence. The last time such a phenomenon occurred was in December 2023, and then the price of Shiba Inu token at the peak grew by 454%, having taken a trip from $0.0000083 to $0.00004567.
Until a few days ago, amid a series of red bars, there were doubts whether the long-awaited golden cross would happen or whether plans for it had come to an end. Today, however, the bullish behavior of SHIB seems to re-raise the question of what awaits the price of the meme coin.