Shiba Inu (SHIB) reversed a three-day downtrend, rising as much as 5% to 0.00000594 USD in early Friday trading, despite a recent "death cross" pattern appearing on its hourly chart. Analysts believe this could be a bear trap, as the token briefly fell to 0.00000562 USD before subsequently closing higher on 12 consecutive hourly candles. This rally was supported by positive regulatory news in the cryptocurrency industry, with the U.S. Securities and Exchange Commission (SEC) stating that tokens like SHIB may not need to be classified as securities. SHIB is currently attempting to hold above the 0.00000607 USD 50-day moving average, a key resistance level the token has struggled to sustain since January.

SHIB3.86%
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