$SHIB A golden cross recently appeared on the hourly chart for the stock
0.00001305
-1.36%
Shiba Inu, which has increased upward trend reversal expectations.
A golden cross occurs when a short-term moving average (such as the 50-day simple moving average) crosses above a long-term moving average (such as the 200-day simple moving average), indicating potential bullish momentum. On the hourly timeframe, this cross suggests that buyers may regain strength in the short term.
This sudden signal suggests the possibility of a bearish trap, as bearish traders are drawn to short positions just before a sharp price reversal upward, leading to liquidations and further gains.
Nevertheless, caution remains paramount. While the golden cross on the hourly chart is a positive indicator, $SHIB must confirm its breakout by holding above key resistance levels. Without adequate follow-through, the rally could dissipate as quickly as it appeared.
On the macroeconomic front, investors will look for more details about the U.S. economy on Wednesday morning when the Bureau of Labor Statistics releases the Consumer Price Index data for May. Dow Jones economists expect a 0.2% month-over-month increase, with the core Consumer Price Index rising by 2.4% year-over-year. A strong report could raise concerns among investors who are already worried about inflationary pressures.
Shiba Inu price movement $SHIB
As of the time of publication, the price of Shiba Inu has risen by 1.72% in the past 24 hours to reach $0.0000132, after hitting a peak of $0.00001353 following two consecutive days of gains since June 8.
Shiba Inu has rebounded significantly since its drop to a low of $0.0000119 on June 5, but its price remains below the 50-day simple moving average of $0.00001392, as markets await its next move.
Markets seem to be in a state of anticipation as traders await new catalysts, especially U.S. inflation data that could change Federal Reserve expectations. Rising inflation could delay expected interest rate cuts and impact risk assets, but the market outlook remains positive.
If profit-taking increases or the Federal Reserve signals a slowdown in the pace of interest rate cuts, this could pose a potential hurdle for cryptocurrency prices.
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