The price of the popular meme-inspired cryptocurrency that is the second largest in its sector, Shiba Inu (SHIB), is approaching the first golden cross on its price chart since December 2023.
As can be seen on the daily chart of SHIB, two moving averages, the 50- and 200-day moving averages, have begun to converge.
In particular, after SHIB’s recent breakout from a six-month decline, the price rose 57% over the next eight days and then fell over 27% over the next six days, bottoming out at $0.00001548 on Oct. 3. The price then rose 19.78% over the next 17 days and the moving averages that characterized the entire move rounded each other.
The last time this happened was at the beginning of last year, when the price of the Shiba Inu token rose almost 48% in the following two weeks. And before the curves crossed again to form the so-called death cross July 17 this year, the price of SHIB rose by 148%, with the meme-inspired token even peaking at 475%.
It is important to note that a repetition of a similar result, should the golden cross occur again for SHIB, is not a fact. However, judging by the history of golden crosses for the popular cryptocurrency, the token has statistically shown growth after them, albeit not uniformly.
For example, after the February 2023 gold cross, the price of SHIB rose 25% one day, only to fall 28% a few weeks later before the curves inverted again.