Shiba Inu golden cross comes at an inflexion point in the
market with altcoin sell pressure reaching rare extremes. 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. 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. 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.
