Shiba Inu Rebounds After 24% Crash as Mini Golden Cross Forms
- Shiba Inu Price formed a Mini Golden Cross on the four-hour timeframe.
- A falling wedge pattern suggests bearish momentum may be gradually weakening.
- Holding above $0.00000430 could support another test of nearby resistance levels.
Shiba Inu Price is showing early signs of stabilization after a difficult June that saw the meme coin lose roughly 24% of its value. Fresh technical signals, including a Mini Golden Cross on the four-hour chart and a developing falling wedge pattern, have renewed interest among traders looking for a potential recovery. At press time, Shiba Inu Price traded at $0.00000435, up 0.81% over the past 24 hours.
Shiba Inu Price Forms Bullish Golden Cross Pattern
The latest Shiba Inu Price movement follows a crossover of the 23-period moving average above the 50-period moving average on the four-hour TradingView chart. This Mini Golden Cross developed near $0.000004346, often viewed by technical traders as an early bullish momentum signal.
The pattern suggests the next resistance area lies between $0.00000470 and $0.00000480, where the longer-term 200-period moving average remains a significant barrier. If buying momentum strengthens, SHIB could attempt to challenge this zone during the current rebound.
Support remains equally important. Holding above $0.00000430 could keep recovery hopes intact, while a break below the recent swing low around $0.00000407 may expose the token to another wave of selling pressure.
Shiba Inu Price Gains Support From Falling Wedge Structure
On the three-day Binance chart, Shiba Inu Price is also trading within a falling wedge formation, a pattern commonly associated with weakening bearish momentum. The token recently rebounded from the lower boundary of the wedge as buyers stepped in near key support.
The 50-period Simple Moving Average continues to act as immediate resistance, making it the next technical hurdle for bulls. Analysts are watching closely for a decisive move above this level to confirm stronger upward momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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