A golden cross, which occurs when a short-term moving average crosses above a long-term MA, has appeared on Shiba Inu’s hourly chart.
The bullish signal coincides with Shiba Inu’s price dropping a zero from its price tag. At the time of writing, Shiba Inu was trading at $0.00001011.
Shiba Inu extended its rebound in Friday’s session after September inflation came in lower than expected. Inflation rate hit 3.0% in September, lower than expected, the recently released Consumer Price Index (CPI) report showed.
The recovery reached $0.00001034 on Friday, before it slightly retraced. However, Shiba Inu still maintains four zeros after the decimal in its price tag.
Having tested above $0.00001 twice in a space of five days (reaching $0.00001056 and $0.00001034 on Oct. 21 and 24) without a successful attempt, multiple retests here would cause Shiba Inu to confirm a barrier in the short term.
It will be watched if Shiba Inu will decisively break above the $0.00001 in the coming sessions to target $0.00001186, $0.00001274 and $0.00001484 next. Support is anticipated at $0.00000925 and $0.00000850 if price retraces, causing Shiba Inu to add an extra zero to its price tag.
Shiba Inu gains spot in T.Rowe Price ETF filing
This week, T.Rowe Price revealed it was seeking regulatory approval to launch an actively managed exchange-traded fund tied to multiple digital currencies, according to a filing with the U.S. Securities and Exchange Commission.
This move marks the first foray into the cryptocurrency space by the $1.77 trillion asset management firm.
The proposed ETF would offer investors exposure to anywhere from 5 to 15 coins that meet the fund’s eligibility standards, a list that includes major cryptocurrencies, including Shiba Inu, according to the prospectus.