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Shiba Inu (SHIB), a top meme coin, jumped 4% over the past 24 hours, with signs of more rallies ahead. The breakout on the daily charts comes amid a broader market rally, with Bitcoin now eyeing the $70,000 level.

Shiba Inu completes hourly golden cross

According to CoinMarketCap data, SHIB is currently trading at $0.0000060, following a 4.7% increase in price within 24 hours.

Alongside the price rebound, the daily trading volume also increased by 43.8%, as investors renewed their commitment. 

Furthermore, SHIB completed a golden cross on the hourly time frame, signaling the potential for a continued upside over the next few hours to a few days. It can attract momentum traders and buyers who use moving-average crossovers as entry triggers.

A clean golden crosson its own is already bullish. However, since it formed during a 4% pump, it shows real buying pressure and market participation behind the move. 

In previous cycles, this combination has aligned with some of Shiba Inu’s stronger short-term daily and weekly price rebounds.

For context, a golden cross is formed when a short-term moving average moves above a longer one. Usually, it happens between the 23-day and 50-day moving averages on the price charts.

However, it is worth noting that golden crosses on hourly charts can produce false signals more often than on daily or weekly charts. A quick death crosscan invalidate it fast, as happened shortly after one recent golden cross a few days earlier.

SHIB price prediction

For now, SHIB is moving upward, alongside the general crypto market. Thus, if Bitcoin and the altcoin market continue to show bullishness, sentiment on SHIB would likely improve. This could eventually lead to higher prices for the meme coin.

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Shiba Inu has seen a substantial surge of outflows on the market, hinting at a long-awaited reversal. As U.Today reported, over 30 billion SHIB were recently withdrawnfrom exchanges in just 24 hours. This type of outflow usually indicates accumulation rather than distribution.

It can also mean increasing demand even in a more expansive risk-off market when paired with a modest spike in active receiving addresses.

Analyzing the Shiba Inu price shows the next key support is between 0.00000575 and 0.00000580, with resistance at 0.00000630. 

If SHIB successfully climbs above this level, the price is set to move higher. However, failure to cross will see SHIB falling even further.

Source: https://u.today/shiba-inu-completes-hourly-golden-cross-price-jumps-4

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