Despite recent price correction, Shiba Inu’s golden cross on the chart remains intact, suggesting a potential bullish trend. The correction was influenced by reports of an investigation into Tether by the U.S. government for possible anti-money laundering violations.
Price Drop Following Tether News
Over the weekend, the cryptocurrency market experienced a correction, impacting #Shibalnu ($SHIB ) after news of the Tether investigation broke. Although Tether’s CEO Paolo Andoino quickly denied these allegations, SHIB’s price dropped from $0.00001740 to $0.00001646. Since then, the price has stabilized around the $0.0000165 mark.
Shiba Inu’s Golden Cross Remains Valid
Despite recent fluctuations, Shiba Inu’s golden cross remains in effect on the chart. This pattern occurs when a short-term moving average crosses above a long-term moving average, often viewed as a bullish indicator. Currently, SHIB’s price is around $0.00001684, close to the 50-day moving average, which is a part of this pattern.
Will Shiba Inu Continue Its Rally in November?
With the Tether news fading, the question is whether Shiba Inu will continue its October rally into November. Historical data from CryptoRank indicates that November has typically been unfavorable for SHIB – showing a 29.6% loss in November 2021 and a 24.93% drop in 2022. The only positive November was in 2023, with a slight gain of 6.62%. SHIB’s average November loss is around 15.9%, suggesting potential for a double-digit decline next month.
However, increased activity on Shibarium and the persistence of the golden cross may offer some optimism for SHIB.
Significant Growth in Shibarium Activity
Last week, Shibarium activity saw substantial growth. On October 23, the number of active accounts increased by 1,557% to 26,237, leading to a boost in transaction volume to 3.24 million. This number rose to 4.76 million on October 26, and while it later dropped to approximately 700,000, the transaction volume remains higher than at the start of the month.
This rise in transaction activity could strengthen investor confidence in Shiba Inu and increase demand for its ecosystem tokens, including SHIB.
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