Shiba Inu Forms Golden Cross Following 10% Price Rally: What Next?

Key Points

1. Shiba Inu (SHIB) has risen 20% in July and 10% in the last 24 hours, benefiting from a broader crypto market rally.

2. A golden cross has formed, where the short-term moving average (50-period) crosses above the long-term moving average (200-period), often seen as a bullish signal.

3. SHIB faces key short-term resistance at the daily SMA 200 of $0.0000149, with significant buying activity noted between $0.000014 and $0.000019.

4. Over $1.30 billion in crypto positions were liquidated in the last 24 hours, with $1.15 billion in shorts, marking the largest short liquidation day in four years.

5. SHIB successfully defended its April low of around $0.00001005 and is now testing higher resistance levels.