• Shiba Inu (SHIB) managed to dodge the death cross formation, which usually signals bears taking control of the cryptocurrency.
• Following Bitcoin’s rally, SHIB spiked by 3.3% in the last 24 hours and Shibarium’s Bone ShibaSwap (BONE) reclaimed $1.50 crucial resistance.
• Technical indicators suggest bullish momentum for SHIB and BONE as prices are setting up a continuation pattern after consolidation period.
Shiba Inu Dodges Death Cross
Shiba Inu (SHIB) managed to escape the formation of the gloomy death cross, which usually indicates that the bears are trying to take long-term control over the cryptocurrency. Such formation happens when the short-term moving average (MA) crosses below a long-term average and is opposed to the Golden Cross. The latter occurs when the short-term average price moves upwards from the longer-term price.
Bullish Momentum Finds SHIB & BONE
Following BTC’s rally, SHIB spiked by 3.3% in 24 hours and Shibarium’s Bone ShibaSwap (BONE) reclaimed $1.50 crucial resistance. Technical indicators suggest bullish momentum for SHIB and BONE as prices are setting up a continuation pattern after consolidation period with RSI levels suggesting an upward break out of this pennant pattern soon.
Beware Of Bull Trap
While normally it’s deemed a clear bullish signal, there have been occasions where Golden Cross failed to hold breakout rallies, resulting in reversal back into previous price ranges – known as bull traps. Therefore investors should always be aware of potential traps before investing in any asset class including cryptocurrencies like SHIB or BONE..
Puppynet Testnet Launched By Shibarium Beta
Shibarium Beta recently launched ‘puppynet’ testnet along with Layer-2 solution that helps reduce transaction fees on Ethereum network while providing scalability solutions for decentralized finance applications built on top of it..
Conclusion
The recent crypto market rally paints a brighter picture for leading assets like Bitcoin (BTC), as well as biggest alternative currencies and Shiba Inu tokens like SHIB and BONE, who have managed to evade bearish sentiment through dodging death crosses and reclaiming key resistances with technical indicators pointing towards bullish momentum ahead..