Shiba Inu’s Golden Cross Faces Resistance – What SHIB Traders Need to Know Now
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Although still heavily bound in consolidation, today’s 5.96% uptick offers hope that the SHIB price may soon deliver on the bullish momentum that has been building.
While the increase is substantial, it has not fully recovered from its recent decline, retaining a 2.85% loss since last Tuesday. Despite ‘Uptober’ sentiment catching hold towards the end of the month, November seems to be reining SHIB back in.
Today’s move carries significant weight, as investors seemingly flurry to the meme coin, with a 43% surge in trading volume, scraping $383 million.
SHIB Price Teeters on Golden Cross – Is a Rally Imminent?
The late October hopes of a bullish cross seem to be back in play after a rough start to the month.
While last week’s close saw the long-term trendline support of the 50SMA lost, tarnishing hopes of a crossover, today’s uptick has reclaimed it.
The 50SMA continues to converge towards the 200SMA, edging closer to a bullish crossover event – a move that typically coincides with significant upticks in the SHIB price. The last such event, a bearish death cross, saw significant downside.
Notably, this coincides with what appears to be the beginning of an ascending triangle formation, as pressure builds towards a breakout of the stubborn resistance around $0.00001910, which has acted as a ceiling for the past month.
Much to the same effect, the MACD also appears to be approaching a bullish crossover with the signal line after some hesitance, bolstering bullish sentiment for the near term.
The recent complacency in SHIB’s price movement could be attributed to the jitters surrounding the U.S. election, a stress on traders which may be relieved as we enter election day.
Therefore, a bullish crossover and a breakout of the triangle pattern could go uninterrupted, provided the market reacts favorably to the elected candidate.
With a breakout, the SHIB price may advance to face the past resistance at $0.00002170.
However, the groundwork has already been laid for a much more substantial breakout coming off a multi-month bullish descending wedge pattern breakout.
This New Opportunity is Making Waves
Although this certainly rings bullish for the world’s leading cryptocurrency, fortune favors the bold – emerging opportunities that hold the potential for truly substantial gains.
As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
One such coin is Pepe Unchained ($PEPU) , a meme coin that transcends conventional utility. It tackles two of the most significant pain points in the current crypto landscape: transaction speeds and fees.
This liberated evolution of Pepe operates on its own Layer 2 chain, freeing itself from Ethereum’s shackles, offering lower fees and 100x faster transaction speeds.
It’s not just a meme coin, it’s a meme chain! Something that may be credited to its instant success, raising almost $25 million in its presale so far!
This confidence can also be attributed to Pepe Unchained’s commitment to transparency. It has undergone two audits and features its own block explorer, allowing users to track all transactions on its unique chain.
At a temporary fixed presale price of $0.01219, those who act quickly stand to benefit the most. Investors are currently earning a generous 96% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Join the Pepe Unchained community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.- XRP Cuts Reserve Requirements by 90% to Allow Wallets with Lower Amounts
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