Although still heavily bound in consolidation, today’s 5.96% uptick offers hope that the SHIB price may soon deliver on the bullish momentum that has been building.
While the increase is substantial, it has not fully recovered from its recent decline, retaining a 2.85% loss since last Tuesday. Despite ‘Uptober’ sentiment catching hold towards the end of the month, November seems to be reining SHIB back in.
Today’s move carries significant weight, as investors seemingly flurry to the meme coin, with a 43% surge in trading volume, scraping $383 million.
SHIB Price Teeters on Golden Cross – Is a Rally Imminent?
The late October hopes of a bullish cross seem to be back in play after a rough start to the month.
SHIB / USDT 1D chart, impending golden cross. Source: Binance.
While last week’s close saw the long-term trendline support of the 50SMA lost, tarnishing hopes of a crossover, today’s uptick has reclaimed it.
The 50SMA continues to converge towards the 200SMA, edging closer to a bullish crossover event – a move that typically coincides with significant upticks in the SHIB price. The last such event, a bearish death cross, saw significant downside.
Notably, this coincides with what appears to be the beginning of an ascending triangle formation, as pressure builds towards a breakout of the stubborn resistance around $0.00001910, which has acted as a ceiling for the past month.
Much to the same effect, the MACD also appears to be approaching a bullish crossover with the signal line after some hesitance, bolstering bullish sentiment for the near term.
The recent complacency in SHIB’s price movement could be attributed to the jitters surrounding the U.S. election, a stress on traders which may be relieved as we enter election day.
Therefore, a bullish crossover and a breakout of the triangle pattern could go uninterrupted, provided the market reacts favorably to the elected candidate.
With a breakout, the SHIB price may advance to face the past resistance at $0.00002170.
However, the groundwork has already been laid for a much more substantial breakout coming off a multi-month bullish descending wedge pattern breakout.
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