Shiba Inu’s Golden Cross Delayed: Will SHIB Break Through?

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With Bitcoin’s recent climb past $70,000, Shiba Inu (SHIB) showed notable strength, stirring optimism across the crypto market. Bitcoin’s upward momentum gave a push to assets like SHIB, creating technical indicators that pointed to potential growth ahead. However, Bitcoin’s failure to hold its ground at this level has hindered SHIB’s progress, dampening hopes of a sustained rally.

Golden Cross Signal Falls Short for SHIB

For Shiba Inu, an anticipated golden cross — where the 50-day and 200-day Exponential Moving Averages (EMAs) intersect — signaled the potential for a bullish trend. Typically, this pattern hints at future price gains. Yet, Bitcoin’s inability to sustain the $70,000 threshold disrupted SHIB’s momentum, delaying the golden cross confirmation.

Without Bitcoin’s continued strength, SHIB’s rally paused, leaving the market uncertain. To advance, SHIB needs several key conditions to align. Bitcoin must first regain stability above $70,000, ideally surpassing recent highs to bolster market confidence.

_{Source: CoinMarketCap}

A stable Bitcoin could renew buying interest in SHIB, possibly enabling it to reach the golden cross formation and set the stage for a stronger rally. Analysts pinpoint $0.00001700 as a crucial support level for SHIB. Holding above this level will help maintain SHIB’s current position, while a drop below could suggest a bearish trend.

Critical Price Levels in Focus

SHIB’s trajectory hinges on breaking through resistance at $0.00002000. A successful rise above this mark would add weight to a bullish outlook, increasing the chances of further gains. Conversely, if SHIB fails to hold its support level, the asset could face additional corrections.

For now, SHIB remains at a crucial point, where Bitcoin’s stability and positive market sentiment are essential for a verified golden cross and upward movement. Shiba Inu’s potential for a long-term rally relies heavily on Bitcoin maintaining higher levels.

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Without this stability, SHIB’s upward journey might face further setbacks, keeping its future direction uncertain.

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