Shiba Inu printed a short-term golden cross on its two-hour chart, adding a bullish technical signal as traders watch for signs of a stronger recovery. The pattern appeared while SHIB continued to hold above a key support zone, drawing renewed attention despite mixed price action across the broader market.
The crossover emerged after the 50-period moving average crossed above the 200-period moving average on the two-hour timeframe. Traders often interpret this as early evidence that buying momentum is building. But SHIB still needs to clear important resistance before confirming a sustained uptrend.
As of writing, SHIB traded near $0.00000436, up 0.37% in 24 hours. The meme coin remained 3.19% higher on a weekly basis, though gains slowed after last week's rally. The token hit $0.00000458 on July 4 before stalling, with sellers reclaiming control over the following two sessions and preventing buyers from extending the rebound.
Broader Market Signals Turn Brighter
According to TradingView, the golden cross developed as short-term price strength overtook the longer-term moving average. While the pattern alone does not guarantee higher prices, many traders view it as a sign that sentiment may be improving.
Beyond the technical crossover, broader indicators have also turned encouraging for altcoins. CoinMarketCap's Altcoin Season Index rose to 47 out of 100, suggesting capital may slowly be rotating back into alternative cryptocurrencies. CoinGlass reported total crypto open interest increased by roughly $108 million over the past 24 hours. Rising open interest often reflects greater market participation, and positive funding rates indicate that bullish positioning among derivatives traders remains active.
Market participants are now eyeing the upcoming release of the FOMC minutes under Federal Reserve Chairman Kevin Warsh, as well as weekly U.S. jobless claims. Both data points could influence crypto sentiment.
Support Holds, Resistance Lies Ahead
For SHIB, the $0.00000405 level continues to serve as a key support. Buyers stepped in after the token reached that level on June 26, preventing a deeper decline and helping establish the recent recovery. Meanwhile, traders are watching the daily 50-day moving average near $0.00000489. A successful move above that level would strengthen bullish momentum and place the psychologically important $0.000005 mark back within reach.