Shiba Inu has completed a golden cross pattern on its hourly chart, a confirmation of its short-term positive momentum.
The 50 MA has risen above the 200 MA on the hourly chart, indicating a golden cross. This comes as the Shiba Inu price rose 6% as the market saw its strongest weekend price action in over 20 weeks.
At press time, SHIB was up 6.56% in the last 24 hours to $0.0000065 and up 7% weekly. The price rebound follows the broader crypto market recovery as a lower-than-expected CPI reading helped boost the outlook for Federal Reserve interest rate cuts on the markets.
Traders on prediction market Kalshi are considering a 26% chance of a quarter rate cut in April, up from an earlier 19%, while on Polymarket, the odds rose from 13% to 20%.
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The consumer price index for January rose 2.4% from the same time a year ago, down 0.3 percentage points from the prior month and the lowest since May 2025. This gave the markets a reason to believe that interest rate cuts could arrive sooner than expected, lifting both stocks and cryptocurrencies higher.
What comes next?
Shiba Inu reversed a five-day drop that reached a low of $0.00000575 on Feb. 11. The SHIB price began to rise on Feb. 12 and will mark its third day of gains if today closes in profit.
Despite the rebound, the broader setup still remains that of sideways trading or consolidation as the market attempts to regain its footing after a prolonged sell-off since the October crash.
Shiba Inu continues to trade in a range between $0.000005 and $0.000007 since the start of February.
Despite the market’s rebound, the Crypto Fear & Greed Index is still flashing “extreme fear,” currently sitting at 11. This indicates that traders are proceeding with caution.
The price targets for SHIB are currently pegged at $0.000007 and $0.0000076. A support level is expected to materialize near the $0.000005 threshold.
