Shiba Inu Trading Volume Rises Noticeably
Shiba Inu (SHIB) trading volume has increased dramatically, nearly by 50%, as investors anticipate the cryptocurrency’s next price movement. The positioning of investors and traders is frequently determined by the trading volume, which is a measurement of the quantity of exchanges made by buyers and sellers.
Update on the market today
SHIB’s trading price has dropped by 4.53% in the last day as of the time of posting, to $0.00001243.
Analysis of the Emergence of Rare Patterns
On the SHIB daily chart, a distinctive pattern has formed, with the 50-day and 200-day moving averages (MA) expected to converge and perhaps cross in the coming days. This is an unusual occurrence because crossings of this kind have only ever been seen on the hourly and four-hour charts for SHIB, not the daily chart.
Focus of Investors on Chart Crossover
Traders are now concentrating on this crossing since it might provide the market either bullish or negative indicators. A “golden cross,” which happens when the 50-day MA crosses over the 200-day MA and denotes a favorable upward movement in the market, is one of the two possible possibilities. On the other hand, a “death cross,” which denotes a protracted bear market, occurs when the 50-day MA falls below the 200-day MA.
Using market trends to guide your next move
Both bulls and bears are waiting for a definite direction, as seen by the daily relative strength index (RSI), which is barely over the neutral level of 50. Although a bullish crossover on the four-hour chart may increase optimism, the overall market trend is anticipated to have a greater impact on the direction of SHIB’s price movement.