Bitcoin’s rise above $70,000 gave strength to many altcoins, including Shiba Inu (SHIB), instilling hope in the market.
This sudden rise of Bitcoin and SHIB‘s technical indicators point to steeper gains in the popular memecoin. A golden cross (the intersection of the 50 and 200-day exponential moving averages) was about to occur, indicating an upward trend for SHIB.
Generally, this intersection is seen as a long-term bullish signal. However, Bitcoin‘s failure to hold above $70,000 negatively affected SHIB and other altcoins. While this situation paused SHIB’s uptrend, it caused the golden intersection to fail to be confirmed, which would strengthen the possibility of a long-term rally.
Critical elements for Shiba Inu (SHIB)
For SHIB to make a big move in the near future, a few key elements need to come together. First, Bitcoin reaching new highs by holding above $70,000 will boost market confidence. This could reignite demand for SHIB and trigger a stronger rally.
Support and resistance levels to follow
SHIB falling below $0.00001700 could increase selling pressure. On the other hand, a break above the $0.00002000 resistance level could support bullish expectations and increase the potential for SHIB to move higher. Currently, SHIB is at a crossroads. The occurrence of a golden intersection and the further strengthening of the memecoin craze may push the price to $0.00002500. Once this level is exceeded, $0.00003000 can be targeted.
