Shiba Inu has completed a golden cross on its short-term price charts, with indicators now suggesting it might be time for the market to pay attention.
A golden cross has emerged on the Shiba Inu 2-hour chart as the MA 50 has crossed above the MA 200. The signal follows last week's rebound, which saw SHIB hit $0.00000458 on July 4.
SHIB/USD 2-Hour Chart, Image By TradingView
Most majors, including SHIB, were little changed on the day; Shiba Inu was up 0.37% in the last 24 hours to $0.00000436. The token was, however, up 3.19% in the last seven days.
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The crypto market is seeing mixed trading action on Tuesday as investors await further economic data. Investors are looking ahead to Wednesday's FOMC minutes, the first under new Fed Chairman Kevin Warsh, which will provide further clues on monetary policy. Thursday will see the release of the weekly initial jobless claims for June.
Time to pay attention?
Shiba Inu advanced for most of the past week, reaching a high of $0.00000458, but the move lacked follow-through. Since then, Shiba Inu has fallen, marking two days of decline since July 5.
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But a key indicator for altcoins looks positive. CoinMarketCap's Altcoin Season indicator rose to 47/100, suggesting optimism might be returning to the altcoin sector. Open interest in the crypto market has surged by $108 million in the last 24 hours, according to CoinGlass data. Meanwhile, some key indicators are flashing mixed signals, with positive funding rates potentially signaling bullish sentiment.
For Shiba Inu, bulls are eyeing a decisive break above the daily MA 50, which is at $0.00000489, to achieve a rise to $0.000005. Shiba Inu defended the $0.00000405 level but failed to turn the rebound into a sustained move to $0.000005.
Buyers stepped in after a continued drop to a low of $0.00000405 on June 26, with Shiba Inu rebounding afterwards, but the rise failed to reach the levels needed to confirm momentum.
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