Shiba Inu saw a golden cross signal on its short-term price chart, with the market now watching whether this might be a trap or a setup.
The 50 MA (moving average) on the two-hour chart crossed above the 200 MA, forming a "golden cross." The signal comes as Shiba Inu faces profit-taking after a significant rally in the past week. Shiba Inu price climbed for five days from June 11 to 15, before experiencing profit-taking.
$SHIB/USD 2-Hour Chart, Image By: TradingView
At the time of writing, $SHIB was down 1.84% in the last 24 hours to $0.000004937, extending its drop into the second day since June 15.
گزشتہ 24 گھنٹوں میں $SHIB کی قیمت میں کمی اس وقت آئی ہے جب کرپٹو مارکیٹ کو آج کے فیڈرل اوپن مارکیٹ کمیٹی (FOMC) کے سود کی شرح کے فیصلے سے پہلے فروخت کے دباؤ کا سامنا ہے، جو کہ نئے فیڈ چیئر کیون وارش کی قیادت میں پہلی میٹنگ کی نشاندہی کرتا ہے۔ Investors are largely expecting that the Fed will hold interest rates steady.
وارش کے مواصلاتی انداز کو سرمایہ کاروں کی طرف سے آٹھ سال کے بعد جیروم پاول سے مانیٹری پالیسی کے اشارے سننے کے بعد قریب سے دیکھا جائے گا، جنہوں نے مئی میں فیڈ چیئر کے طور پر اپنا دور ختم کر دیا تھا۔
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The market traded in the red at press time, with activity slowing. Crypto futures volume fell 16.56% in 24 hours to $165 billion and open interest dropped 2.66% to $110 billion.
In this light, Shiba Inu trading volume across spot exchanges fell 45.28% in the last 24 hours to $53.9 million. The same scenario was seen in the derivatives market as volumes fell 59.03% in the same time frame to $65.64 million. Meanwhile, open interest rose 2.98% in the past day to $35.39 million, according to CoinGlass data.
The market is at an inflection point as a major altcoin indicator flashes its most bearish signal in years.
According to CryptoQuant, altcoin sell pressure just hit a five-year extreme, following 15 months of continuous net selling on spot exchanges.