Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A week ago, U.Today reported on the possible scenarios that could lead to the appearance of the golden cross on the price chart of the popular meme-inspired cryptocurrency Shiba Inu (SHIB).

Despite the fact that only seven days have passed since then, the price of SHIB has seen some serious turbulence, which at first glance may seem to upset those plans, but in reality things are more complicated.

Thus, during the week, the cryptocurrency market fell by 7%, losing a total of $162.7 billion against the backdrop of Tether news and geopolitical tensions. In the midst of this, the Shiba Inu token fell twice as much, from a high of $0.00001934 to a low of $0.00001583.

Shiba Inu (SHIB) is "so back"?

It seemed "so over" for the hopes of meme cryptocurrency enthusiasts and the golden cross in particular, when the price of SHIB unexpectedly made an upward push above $0.0000163, where the 50-day moving average stretches. What's more, the price curve then retested the indicating band and the bulls actually showed support from this price point.

As reported, the 50-day moving average is one of the two key components of the golden cross, being the curve that crosses the other on the upside. In our case, despite the painful double-digit drop in the price of the Shiba Inu token, the bulls managed to hold it within the area between the two moving averages.

This only confirms the initial prediction that SHIB may be poised for a golden cross, and still paints the future bright for all Shiba Inu enthusiasts.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.