# Shiba Inu Eyes Golden Cross Surge as Bulls Power Up 40% Trading Volume Spike

By Sheena Jordan

Canonical URL: https://www.tokenpost.com/news/business/13344
Published: 2024-11-06T03:16:46.000Z
Updated: 2024-11-06T03:16:46.000Z
Section: Business

> Shiba Inu (SHIB) is charging ahead with a 40% rise in trading volume, signaling revived bullish momentum as it nears a golden cross formation. This potential technical breakout could spark further gains, with SHIB’s p…

Shiba Inu (SHIB) is charging ahead with a 40% rise in trading volume, signaling revived bullish momentum as it nears a golden cross formation. This potential technical breakout could spark further gains, with SHIB’s price currently up 6.1% to $0.0000179.

Shiba Inu Trading Volume Surges Amid Market Rally

According to data from [CoinMarketCap](<http://coinmarketcap.com/currencies/shiba-inu/>), the trading volume for the popular meme-inspired cryptocurrency Shiba Inu (SHIB) increased by more than 40% today. At this very moment, the total spot market value of Shiba Inu tokens is close to $400 million.

This news arrives as the price of SHIB has risen more than 6.1% so far today. There is now a market valuation of $0.0000179 per SHIB for the Shiba Inu coin.

SHIB Faces Selling Pressure After October Drop

The price of the widely-used meme cryptocurrency has dropped to its lowest point since the end of October, and according to [U.Today](<http://u.today/shiba-inu-shib-jumps-40-in-volume-as-bulls-eye-golden-cross-breakout>), it has been facing selling pressure for the last five days.

Nevertheless, the 23-day moving average serves as a dynamic resistance level, and today's candle has absorbed all of this downward movement.

Golden Cross Formation Hints at Bullish Signal

Concurrently, a golden cross is still developing on the Shiba Inu price chart, with the 50-day moving average rising and the 200-day moving average falling. It is possible to create a golden cross when the two curves meet.

This pattern has been seen in the price history of SHIB multiple times, and according to the rules of technical analysis, it is a bullish indicator.

Historical Gains: December’s Golden Cross Rally

When this happened last in December 2023, the Shiba Inu token price soared 454%, from $0.0000083 to $0.00004567, at its peak.

Concerns about the long-awaited golden cross's viability or the end of preparations for it persisted up until a few days ago, when a string of red bars appeared. But now, SHIB's bullish conduct seems to have revived the topic of what lies ahead for the meme coin's price.

[TokenPost](<https://www.tokenpost.com/>) | info@tokenpost.com



## Links in this article

- [CoinMarketCap](http://coinmarketcap.com/currencies/shiba-inu/)
- [U.Today](http://u.today/shiba-inu-shib-jumps-40-in-volume-as-bulls-eye-golden-cross-breakout)
- [TokenPost](https://www.tokenpost.com)