On its way to achieve its first golden cross since February, signaling increasing upward momentum as the 50-day simple moving average (SMA) surpasses the 200-day simple moving average (SMA), Shiba Inu (SHIB) has crucially crossed the daily SMA 50 at $0.00000796 marginally above the daily SMA 200 at $0.00000794 at the time of publication.
SHIB completed November in the green with a 6% gain, reaching levels above $0.0000097 last seen in August. Enjoying its second consecutive month of gains after a positive close in November, the trend appears to continue. Shiba Inu has started December on a positive note, rising by 1.21% during the month.
The golden cross, frequently used by technical analysts, serves as an indicator of a newly emerging bullish market. This indicator may lead to buying pressure from traders using SMA methods, resulting in larger price increases. However, moving averages are retrograde indicators; thus, the golden cross signal only suggests that short-term market gains have exceeded long-term gains. Nonetheless, most people consider the golden cross as a sign of long-term price increase.
Positively, with new intions appearing for the first time in the month, the Shiba Inu magazine has been launched and is now available with three issues. November concluded for Shiba Inu with 273 transactions burning 1.3 billion (1,368,684,064) SHIB tokens. In the last 24 hours, 112,812,926 SHIB tokens were burned in three separate transactions.
SHIB rose by 1.32% to reach $0.00000833 at the time of writing this report.”
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. Chinwa.tech assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.