Shiba Inu Completes Hourly Golden Cross, Price Jumps 4%

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 cross on 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 cross can 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.

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 As U.Today reported, over 30 billion $SHIB were recently withdrawn from exchanges in just 24 hours.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.