Shiba Inu saw a sharp move higher on Sunday, reaching an intraday high of $0.00000899 as the price saw a breakout past key barriers.
The surge also coincided with a golden cross appearing on Shiba Inu’s two-hour chart. The 50 MA has risen above the 200 MA on the two-hour chart, confirming a golden cross.
Shiba Inu posted nine consecutive green candles on the two-hour chart in the aftermath of the golden cross.
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SHIB/USD 2-Hour Chart, Courtesy: TradingViewA golden cross was also completed on the hourly chart as short term trend signals also improved. The appearance of the golden crosses on Shiba Inu’s short-term charts remains meaningful in fast markets when accompanied with increasing volume and a breakout above key resistance, which happened in the recent move.
This suggests that the ongoing Shiba Inu price surge was not a quiet move higher, but that drew market activity.
Shiba Inu jumps 13%
At the time of writing, Shiba Inu was up 13.48% in the last 24 hours to $0.000008932 and up 22.09% weekly.
Shiba Inu extended its surge from a low of $0.00000688 on Jan. 1, marking three days of sharp increases, with Jan. 3 an exception when prices took a breather before charging higher.
According to Santiment, meme coins, often regarded as the most “speculative” of assets, have proceeded with their post-holiday run. The entire meme coin market cap is now above $45.3 billion, increasing by more than 20.8% in just the past week.
Santiment observed that the bounce began shortly after FUD rose to its highest levels among retail traders, just a few days after Christmas.
This has produced a crucial breakout for Shiba Inu, rising above the daily MA 50 (currently at $0.000008) for the first time since early October. The next crucial barrier for Shiba Inu lies at $0.000011 and $0.000013. It will be watched if Shiba Inu will confirm $0.000008 into support to confirm its breakout.
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