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 Approaches Rare Pattern for the First Time in 2024: A Critical Turning Point - EconoTimes)
Shiba Inu (SHIB) is on the brink of a significant pattern formation for the first time in 2024 as its 50-day and 200-day SMAs converge, signaling a critical moment for investors.
2024 to See SHIB's First Moving Average Crossover
A moving average crossover, long anticipated by dog-themed cryptocurrency Shiba Inu (SHIB) investors, is almost certain to occur in 2024. As the 50-day and 200-day simple moving averages (SMAs) approach their daily convergence points, traders are waiting for a death cross or a golden cross to form.
The 50-day and 200-day simple moving averages (SMAs) are expected to converge within the next few days, marking the first moving average crossover for SHIB this year, according to data from TradingView. Dec 2023 was the last occasion SHIB witnessed a golden cross.
Bullish or Bearish? SHIB's Future Hangs in the Balance
The 50-day and 200-day simple moving averages (SMAs) are commonly used by traders to assess market trends. When these two lines cross, it is called a golden cross or a death cross. When the 50-day simple moving average (SMA) rises over the 200-day SMA, it forms a bullish pattern known as a golden cross.
Per U.Today, when the 50-day simple moving average (SMA) falls below the 200-day SMA, it indicates a potential decline and is known as the death cross, a bearish signal.
The 50-day and 200-day simple moving averages are being closely monitored by market participants as SHIB nears this pivotal point. A death cross is more likely now that the 50-day simple moving average (SMA) is moving downward. A negative trend could be on the horizon if this pattern materializes, which could have an effect on the price of SHIB.
We will attentively monitor the daily SMA 50 and SMA 200 for any signs of convergence or crossover as the scenario develops. It is unclear at this time if the crossover will be a golden or death cross.
Investors Brace for SHIB's Next Major Move
Everyone is waiting for the price of SHIB to make a decision about its future as it approaches this pattern development. The bottoming phase for SHIB could be ushered in by a death cross formation. The formation of a golden cross may signal that the SHIB price is about to resume its upward trend.
As of this writing, SHIB has climbed 6.35% weekly and 2.35% in the past 24 hours, reaching $0.00001744.
