Unraveling the Shiba Inu Enigma: Analyzing the SHIB Mini Death Cross Reversal

Shiba Inu Flashes Bullish Signal as Investors Brace for Inflation Data

A Glimmer of Hope for SHIB Holders

Shiba Inu (SHIB) is showing signs of potential recovery as a golden cross emerges on its hourly chart. This technical indicator, where short-term moving averages cross above long-term ones, often hints at bullish momentum ahead.

The pattern suggests a possible "bear trap" scenario where pessimistic traders might get squeezed by an unexpected price reversal. While this development excites the SHIB community, traders should remain cautious until the token confirms its breakout by holding above critical resistance levels.

Inflation Data in Focus

All eyes turn to Wednesday's Consumer Price Index (CPI) release from the Bureau of Labor Statistics. Market analysts forecast a 0.2% monthly increase with annual inflation at 2.4%.

An unexpectedly high inflation reading could rattle markets, potentially delaying anticipated Federal Reserve rate cuts. Such developments typically create headwinds for risk-sensitive assets like cryptocurrencies.

SHIB's Price Action and Market Sentiment

Currently trading at $0.0000132 with a 1.72% daily gain, SHIB has recovered from its June 5 low of $0.0000119. However, the token faces resistance at the daily SMA 50 level of $0.00001392 as traders await clearer market signals.

The crypto market remains in wait-and-see mode ahead of key economic data. Potential obstacles for SHIB include renewed profit-taking or indications of slower Fed rate cuts. While the golden cross offers hope, SHIB's sustained recovery depends on overcoming technical barriers and favorable macroeconomic conditions.