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Dog-themed crypto currency Shiba Inu (SHIB) is on course for its first golden cross since February, a sign of growing bullish momentum in which the daily simple moving average (SMA) 50 surpasses the daily SMA 200.
According to TradingView charts, at press time, Shiba Inu’s daily SMA 50 at $0.00000796 has crossed marginally above the daily SMA 200 at $0.00000794.
SHIB finished November in the green with gains of 6%, reaching levels above $0.0000097 last seen in August.
Shiba Inu enjoyed its second straight month of gains following a positive close in November, and the trend appears to be continuing. Shiba Inu is off to a good start in December, gaining 1.21% for the month.
A golden cross, frequently utilized by technical analysts, is regarded as an indication of a newly emerging bull market. This indication may trigger buying pressure from traders using SMA methods, resulting in larger price increases.
However, moving averages are regarded as backward-looking indicators; thus, the golden cross signal only indicates that the market’s short-term gains have outpaced its long-term gains.
Nonetheless, most regard the golden cross as a sign of rising prices in the long run.
Shiba Inu’s November finished on a positive note, with fresh innovations debuting in the month. The Shiba Inu magazine was launched, with three issues now available.
In November, 273 transactions burned 1.3 billion (1,368,684,064) SHIB tokens. In the last 24 hours, 112,812,926 SHIB tokens were destroyed in three separate transactions.
SHIB was up 1.32% in the last 24 hours to $0.00000833 at the time of writing.
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