• Tue. May 28th, 2024

The Shiba Inu (Shib) Golden Cross Meme Token Had No Worth

Feb 21, 2023

Shiba Inu (SHIB) has been going through a rough patch as of late. As the asset has been fighting an uphill battle to reclaim the momentum it had just a few months ago.

The price of SHIB has not moved at all despite the recent appearance of a golden cross on the daily chart. A notable trader, Peter Brandt claimed not too long ago that the golden cross is just a “fun talking point”.

That it does not actually have any predictive value for the market. When the moving average of the 50-day time frame moves higher than the moving average of the 200-day time frame. A technical analysis indicator known as the golden cross is formed.

This particular pattern is seen as a positive indication since it suggests that the price of a stock or asset may go up. Recent times have seen the appearance of the golden cross motif in a number of cryptocurrencies. Including Bitcoin and Shiba Inu.

Solana Has Three Major Goals

On the other hand, the performance of their prices was not greatly affected. At the moment, Solana has her sights set on three important tasks.

The first is the prior resistance level at $26, which is a significant barrier for the coin to overcome and an important level to break over. If SOL is able to break over this resistance, it may be an indication. That the coin has sufficient strength to continue climbing higher.

The 200-day moving average resistance, which is situated in the vicinity of $28 dollars, is the second objective to shoot for. This pricing point is crucial since it reflects the price of SOL on average over the course of the previous 200 days.

If SOL manages to push past this level of resistance. It might be an indication that the coin has reestablished its upward momentum. The third and final objective is a point of breakdown, which is around $33 and is now serving as a point of resistance.

Once upon a time, this level served as a source of support; but, after it was conquered, it transitioned into a position of resistance. It is possible that the coin has regained its positive momentum.

It is likely to continue climbing if SOL is successful in breaking past this level. Technical currency research is crucial when predicting the SOL’s future. This is just one of several considerations that should be given attention to.

The price of SOL may also be significantly influenced by a variety of additional factors. Including the latest news and the general sentiment of the market.

As whales become more active on the Ripple network, they are moving millions of dollars worth of XRP currencies across their wallets.

Which has led to an increase in the number of large transactions using the digital asset XRP. It is used on the Ripple network. This sudden uptick in activity might make XRP more volatile in the not-too-distant future.

Activity on the XRP Network Increases

The number of large transactions, which are generally referred to as any transfer of more than 10,000 XRP. It has been on the rise over the past several days.

According to data from XRPscan, the number of daily transactions is worth more than 10,000 XRP. It has soared from roughly 80 to more than 200 during the past few weeks.

Many investors have taken notice of this pattern. Because huge transactions are frequently an indication of increasing activity and interest in a certain asset. This trend has captured the attention of many investors.

The recent price performance of XRP has not been very impressive, despite the rise in the number of significant transactions. At the time of this writing, the asset’s value has decreased by almost 10% from its previous local high.

It is currently trading at approximately $0.85. This is in spite of the fact that the cryptocurrency market as a whole has been on an upward trend. It’s a large number of other assets have had big increases over the past several weeks.

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