Shiba Inu Short-Term Golden Cross Appears: Price Targets

A bullish golden cross appeared on the Shiba Inu hourly chart early Wednesday, an indication of short-term bullish momentum.

A golden cross is formed when the short-term moving average (in this case, the hourly MA 50) crosses above the long-term MA 200 and follows, as Shiba Inu rose for three straight days from Sunday to Tuesday before it reclined.

Shiba Inu rose from a low of $0.000008 on Nov. 23 to reach $0.0000089 on Tuesday. At press time, Shiba Inu was still retaining some of its gains, up 4.18% in the last 24 hours to $0.0000085.

The crypto market remains gripped by “extreme fear” following last week’s sell-off and the lack of a meaningful recovery; therefore, a confirmation of the golden cross signal in the short term will be watched.

Golden cross signals are considered by some analysts to be lagging indicators, occurring when the price is oversold or overbought. The recent hourly golden cross signal for Shiba Inu will be watched in this regard.

If Shiba Inu sustains its rebound, it would face resistance levels at $0.00000967 and $0.00001213 next. On the other hand, support is expected in the range of $0.0000075 and $0.000008.

In the last 24 hours, Shiba Inu open interest, which refers to the total number of open positions on a futures or options market, reflecting liquidity and market activity, was slightly higher at $87.51 million, or 10,331,759,149,940 SHIB, according to CoinGlass data.

Shiba Inu gets boost from major announcements

In a recent announcement, Shiba Inu’s official X account revealed a partnership with TokenPlayAI, expected to bring real token utility to $SHIB. This will be kicked off with an exclusive Shiba-themed miniapp allowing users to play and earn with SHIB.

Shiba Inu just stepped into real-world infrastructure, with Unity Nodes now fully powered by SHIB, giving the Shiba Inu community access to an entire telecom verification network.

Shiba Inu was recently added to Japan’s Green List, boosting legitimacy and easier exchange support. Coinbase Markets announced 24/7 SHIB futures trading, giving SHIB a bigger presence in global markets.

On Dec. 12, Coinbase will be launching new U.S. perpetual-style futures for all altcoins, including Shiba Inu.