Shiba Inu has recently created a golden cross signal (formed when the short-term moving average crosses above the long term) on its hourly chart.
This comes as Shiba Inu saw sharp buying pressure on Friday as the markets weighed the possibility of a rate cut at the upcoming Fed meeting in September, following Fed Chair Jerome Powell’s dovish statement at the recently concluded annual Jackson Hole symposium in Wyoming.
SHIB/USD Hourly Chart, Courtesy: TradingView
Shiba Inu sharply rose to $0.0000135, last seen in mid-August as buyers bought the dip amid renewed Fed optimism.
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The markets saw profit taking subsequently, with Shiba Inu entering its second day of drop since Aug. 22.
At the time of writing, Shiba Inu was down 3.2% in the last 24 hours to $0.00001276 and down 3% weekly.
Shiba Inu on verge of major crossover
Shiba Inu is on the verge of a major crossover on its daily chart. The daily SMA 50 and the daily SMA 200 are drawing closer and might make a convergence in the coming days.
As it stands, the potential of a death cross or a golden cross exists, as the daily moving averages have flattened without any indication of upward or downward movement.
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If a death cross emerges, this would mark the second occurrence of such signal on the daily chart this year, with the last having formed in February this year, following which Shiba Inu dipped to $0.00001 months after.
Shiba Inu last saw a golden cross on its daily chart in November 2024, which was followed by a surge to $0.00003344 weeks later.
The nature of the crossover will shape traders’ expectations on Shiba Inu’s price in the coming days; the broader market sentiment will also be watched.
