Shiba Inu (SHIB), June's Brutality Ends...Will it surge an additional 9% on a mini golden cross?

▲ Shiba Inu (SHIB)/ChatGPT Generated Image

Shiba Inu (SHIB) has shown signs of a rebound, forming a short-term golden cross after a 24% drop in June. Whether it recovers to $0.00000475 has emerged as the first test for memecoin investor sentiment in July.

According to U.Today, a cryptocurrency specialized media outlet, on July 3 (local time), Shiba Inu dropped 24% throughout June. Subsequently, it formed a bullish technical pattern on short-term charts in early July.

On the 4-hour chart, the 23-period moving average crossed above the 50-period moving average. U.Today described this movement as a mini golden cross. The formation price was $0.000004346.

If this rebound continues, the short-term target range is $0.00000470 to $0.00000480. The long-term 200-period moving average is located in this range. U.Today analyzed that there is approximately 9% upside potential to this range.

Seasonal trends were also presented as a variable fueling rebound expectations. According to CryptoRank, Shiba Inu has often shown strong recovery trends in July. As of July 3, the increase rate is 3.56%. This indicates it is moving towards its historical monthly median return of 6.24%.

However, breaking above the 200-period moving average is key. If Shiba Inu maintains above $0.000004346, a rebound scenario towards $0.00000475 could open up. Conversely, if it fails to overcome resistance, it could return to its June low and retest the psychological support level of $0.00000400.

[Key Article Summary]

-Shiba Inu formed a mini golden cross on the 4-hour chart after a 24% plunge in June.

-The short-term target range is $0.00000470 to $0.00000480, with approximately 9% upside potential suggested.

-If it fails to cross the 200-period moving average, a retest of the $0.00000400 support level was mentioned as a possibility.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*