- Signs of December rally emerging
- Price targets
Shiba Inu has completed a golden cross on its hourly chart, the first such in the month of December.
A golden cross occurs when the short-term moving average rises above the long-term moving average. In this case, the hourly MA 50 has risen above the MA 200 in a crossover on the Shiba Inu chart.
The appearance of this perceived bullish signal follows the appearance of a death cross on the hourly chart on December’s first day, as reported.
The hourly chart mirrors Shiba Inu’s short-term sentiment, as a death cross appeared on Dec. 1, when Shiba Inu fell to a low of $0.00000785 in a four-day drop.
Shiba Inu’s drop reversed, with a relief rally ensuing. The SHIB price saw sharp increases for two days at a stretch, reaching a high of $0.00000950 on Dec. 3, where it encountered resistance and was subsequently rejected.
Signs of December rally emerging
The latest signs of a weaker jobs market, as shown in private payroll data, has raised hopes that the Federal Reserve might lower interest rates another quarter percentage point at its final meeting of the year next week. Lower interest rates are considered positive catalysts for cryptocurrencies, with expectations increasing for a December rally.
The crypto market rose “on anticipation of a third interest rate cut by Fed officials at next week’s meeting.” The Fed previously cut rates a quarter point in September and again in October, while there was no meeting in November.
Other economic reports due to be released this week include the weekly initial jobless claims on Thursday and the delayed personal consumption expenditures index for September on Friday.
Price targets
At press time, SHIB was trading at $0.0000088. A price rebound will aim for the $0.0000095 high once again; it seems too early to call this level resistance unless confirmed by multiple price retests and subsequent rejection.
If this level is successfully conquered, Shiba Inu will aim for $0.0000118 and then $0.0000148 next. Support is expected at $0.00000754 and $0.00000784 in the event of a price drop.
Another potential scenario for the Shiba Inu price is to continue trading in a range before the next major move as it consolidates a launchpad for that move.