Shiba Inu (SHIB) Eyes 5-Digit Price If This Critical Golden Cross Finally Forms

Shiba Inu (SHIB) Eyes 5-Digit Price If This Critical Golden Cross Finally Forms

Shiba Inu (SHIB), the popular meme cryptocurrency, is setting up a critical golden cross on its daily chart. This technical indicator, which occurs when the 50-day moving average crosses above the 200-day moving average, could signal a significant price breakout. If SHIB manages to clear the 200-day moving average near $0.0000106, the “delete a zero” trade, which has been a meme in the crypto community, could turn into a real breakout, potentially pushing the price into a 5-digit territory.

The Golden Cross: A Bullish Signal

The golden cross is a widely recognized technical indicator in financial markets, including the cryptocurrency space. It is formed when the 50-day moving average (MA) crosses above the 200-day MA, suggesting a shift from a bearish to a bullish trend. For SHIB, this crossover is particularly significant as it has been ranging below the 200-day MA for some time, and a successful breakout could attract new buyers and reinforce the bullish sentiment.

Currently, SHIB is trading just below the 200-day MA at around $0.0000106. A move above this level could trigger a cascade of buying pressure, as traders and investors might interpret it as a confirmation of the uptrend. The psychological barrier of reaching a 5-digit price (i.e., $0.00010) could further fuel the rally, as it would symbolize a significant milestone for the meme coin.

Technical Analysis: Setting the Stage for a Breakout

On the daily chart, SHIB has been consolidating in a tight range, with the 50-day MA gradually approaching the 200-day MA. This consolidation has been building up buying pressure, and the formation of the golden cross could act as the catalyst for a major move. Traders and analysts are closely watching the price action around the 200-day MA, as a clear and sustained breakout above this level could signal the start of a new uptrend.

Volume is another key factor to watch. A breakout above the 200-day MA should be accompanied by a surge in trading volume to validate the strength of the move. If the volume remains weak, the breakout could be a false signal, and the price might retrace back to the consolidation range.

Market Sentiment and Community Hype

The “delete a zero” meme has been a staple in the SHIB community, with many holders and enthusiasts dreaming of the coin reaching a price of $0.00010. This meme has not only built a strong community around SHIB but has also contributed to the coin’s popularity. A successful golden cross and subsequent breakout could turn this meme into a reality, further boosting market sentiment and attracting new retail investors.

However, it’s important to note that meme cryptocurrencies are inherently volatile, and the price can fluctuate rapidly based on news, social media trends, and market sentiment. Investors should exercise caution and consider their risk tolerance before making any investment decisions.

Conclusion

Shiba Inu (SHIB) is on the cusp of a critical golden cross, which could trigger a significant price breakout. If the 50-day MA crosses above the 200-day MA and the price clears the $0.0000106 level, SHIB could see a surge in buying pressure, potentially pushing the price into a 5-digit territory. While the “delete a zero” meme has kept the community hyped, investors should remain cautious and monitor the price action and volume closely.