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The Shiba Inu’s recent golden cross ignited market enthusiasm, but the correction has shifted attention to critical support levels.
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Despite previous bullish forecasts, SHIB’s price action in recent days has been characterized by noticeable volatility.
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“After the golden cross, we saw a noticeable increase in trading volume,” said a COINOTAG analyst, highlighting the swing in market sentiment.
Study the Shiba Inu (SHIB) market dynamics as the golden cross signals potential amid the recent price correction and increased online activity.
Meaning of the Shiba Inu Golden Cross
In the world of cryptocurrency trading golden cross often seen as a major bullish indicator. SHIB/USD recently demonstrated this formation when 50 day moving average crossed over 200 day moving average. This traditional chart suggests potential upward price movement and usually attracts investor interest.
However, the optimism surrounding this technical signal was quickly dashed by a sharp price correction. After reaching a high of $0.00002622, the value of the Shiba Inu fell to $0.00002453, which represents decrease by 4.07% in just 24 hours. This rapid decline has caused many traders to reconsider their positions in light of market volatility.
Source: TradingView
