Shiba Inu (SHIB) recently exhibited a technical pattern known as a golden cross on its hourly chart. This occurs when the 50-period moving average crosses above the 200-period moving average, often interpreted as a bullish signal.

Positive Price Movement and Spot Flows

Over the past 24 hours, Shiba Inu has experienced positive price action, registering a 1.43% increase to a current price of $0.000006. Spot market flows remain positive across most timeframes, indicating increased supply to exchanges.

Significant Inflow Increase

According to CoinGlass data, inflows have significantly surpassed outflows, with spot flow increases reaching 7,004% in the last eight hours. This substantial increase in inflows is a key observation for traders.

Technical Analysis and Market Concerns

Despite the golden cross, momentum remains fragile, characterized by the formation of lower highs. This pattern currently defines the short-term market structure for Shiba Inu.

Trading Volume Remains Subdued

Spot markets are showing signs of a slowdown, with trading volume remaining relatively quiet. CoinMarketCap data indicates a modest 1.53% increase in volume over the past day, reaching $109.72 million. This suggests some traders are hesitant about the recent price increase.

Potential Price Targets and Support Levels

Shiba Inu has previously risen above the daily MA 50 near $0.000006 in March, but struggled to maintain a breakout above this level. If a breakout occurs, the cryptocurrency could target $0.00000625, with a longer-term goal of reaching $0.000010.

Potential Downside Risk

Conversely, a price decline could find support around the $0.000005 range. Further robust demand will likely be needed to solidify a lasting price shift.

Disclaimer: The information provided is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, and readers are advised to conduct their own research and consult with financial experts before making any investment decisions.