Shiba Inu Sees 350% Transaction Surge Amid Bullish Momentum and Golden Cross Signal

Shiba Inu (SHIB) has experienced a dramatic surge in transaction volume, up 350% recently. As its price climbs to new highs, a Golden Cross technical indicator suggests potential further gains.

Shiba Inu’s performance has been closely tied to Ethereum’s recent rally. On Tuesday, July 15, SHIB gained 2%, reaching $0.000014, its highest point since May. This upward movement is occurring as Ethereum (ETH) recorded a significant 16% surge in value during the past week, outperforming Bitcoin (BTC), which only saw a 7% increase.

Both SHIB and ETH share the same underlying blockchain technology. Ethereum’s momentum is naturally spilling over into Ethereum-based projects like Shiba Inu, which benefits from the broader bullish sentiment in the Ethereum ecosystem. As Ethereum gains traction, altcoins, especially those closely linked with it, such as Shiba Inu, tend to follow suit.

But there’s more to SHIB’s recent price action than just Ethereum’s performance. Technical analysis is revealing a potentially lucrative chart pattern for SHIB investors.

Golden Cross Signals Potential Upside for Shiba Inu

One of the most talked-about technical indicators at the moment is the Golden Cross. This is when the short-term 13-day moving average crosses above the long-term 49-day moving average, which many traders interpret as a signal that a bullish trend is likely to continue.

For Shiba Inu, this formation has sparked a flurry of optimism. Historically, the Golden Cross has preceded significant rallies in many cryptocurrencies, and SHIB may be no exception.

At this stage, the market is watching closely to see whether the price will continue to rise. Bulls are hoping that SHIB can maintain its bullish trend and continue to build on this momentum. If the price holds above certain key support levels, the next target could be higher.

Shiba Inu’s Key Support and Resistance Levels

As with all cryptocurrencies, the price action is highly sensitive to key support and resistance levels. For SHIB, the current support level sits around $0.0000125. Bulls will need to defend this level to keep the price from falling back into a bearish trend.

On the upside, if Shiba Inu can break through resistance levels, the next target is $0.000016. Reaching this level would represent a significant milestone for the token, extending its bullish run even further.

Traders and investors will be keenly watching for signs that SHIB can hold above its key support level, especially in light of the Golden Cross signal, which suggests a potential price increase.

What’s Next for Shiba Inu?

The performance of Shiba Inu over the coming weeks will depend largely on the broader cryptocurrency market dynamics. With Ethereum’s strong performance leading the way, SHIB’s future looks promising, but as always in crypto markets, volatility is a constant concern.

Despite the bullish signs, caution is advised. Price levels can fluctuate quickly, and investors should be aware of potential risks. Nevertheless, the Golden Cross formation, combined with Ethereum’s momentum, has ignited a renewed sense of excitement among SHIB holders.