Peter Smith
Shiba Inu (SHIB) just threw bears a curveball with a surprise golden cross on the hourly charts. The meme coin's up 1.72% to $0.0000132, but can it actually hold onto these gains?
What's Going On with SHIB Right Now?
Here's the deal - SHIB just flashed a golden cross on its hourly chart, and that's got people talking. For those who don't eat, sleep, and breathe technical analysis, a golden cross happens when a shorter moving average (like the 50) jumps above a longer one (like the 200). It's basically the market's way of saying "hey, maybe things are looking up."
The timing's pretty interesting too. This crossover popped up right when a lot of traders were probably betting against SHIB. Now there's chatter about a potential bear trap - you know, when bears get too comfortable shorting, only to get squeezed when the price suddenly rockets up. It's like touching a hot stove when you thought it was cold.
But let's be real here. While this hourly signal looks promising, SHIB still needs to prove it can actually break through some key resistance levels and stay there. Otherwise, this could just be another head fake that leaves traders scratching their heads.
How's SHIB (Shiba Inu) Actually Performing?
SHIB's been having a decent run lately. It's sitting at $0.0000132 right now, up 1.72% over the past day, and even touched $0.00001353 at one point. Not bad for a coin that was scraping the bottom at $0.0000119 just last week on June 5th.
The thing is, SHIB's still hanging out below that daily 50-day moving average at $0.00001392. That's like being stuck at the velvet rope of an exclusive club - you're close, but not quite in yet. The whole crypto market seems to be in this weird waiting game right now, with everyone looking around wondering what's gonna happen next.
If people start taking profits or if the Fed decides to pump the brakes on rate cuts, that could throw a wrench in SHIB's plans. But for now, the vibe seems cautiously optimistic.
Why Wednesday's Inflation Data Could Make or Break SHIB
Here's where things get interesting. Wednesday morning, the Bureau of Labor Statistics drops the May consumer price index data, and everyone's gonna be glued to their screens. The smart money's betting on a 0.2% month-over-month bump, with the yearly number hitting around 2.4%.
If that inflation report comes in hot, it could spook investors who are already on edge about rising prices. That's bad news for risky assets like crypto, including our furry friend SHIB. Sticky inflation means the Fed might keep interest rates higher for longer, which typically makes people less excited about throwing money at speculative investments.
But here's the flip side - if the numbers come in cool, it could be just the catalyst SHIB needs to break out of its current trading range. The market's basically holding its breath right now, waiting to see which way the wind blows.
Peter Smith
