Shiba Inu's Golden Cross Clouded by Crypto Sell Pressure

Shiba Inu's price chart has formed a golden cross on its two-hour chart, where the 50-period moving average crossed above the 200-period. This technical signal suggests potential bullish momentum for SHIB, but it comes at an uncertain time for the crypto market.

The market is currently under strong selling pressure, with Shiba Inu's price dropping 1.84% over the past 24 hours after a recent rally. Trading volumes have declined significantly, and altcoin sell pressure has reached a five-year extreme, raising concerns that the golden cross might be a bull trap.

Investors are cautious ahead of the Federal Open Market Committee's interest rate decision, which could impact market sentiment further.