[Digital Today reporter Yeseul Kim] Shiba Inu has returned to the watchlist after forming a golden cross on a short-term price chart.

On July 7 (all times local), blockchain outlet U.Today reported that Shiba Inu's 50-period moving average on the 2-hour chart rose above its 200-period moving average. The signal came after last week's rebound. Shiba Inu climbed to $0.00000458 on July 4 but failed to sustain the rise, and it fell for two straight days from July 5, showing weaker rebound momentum as well.

Based on price action alone, the direction is still not clear. Shiba Inu was up 0.37 percent over the past 24 hours at $0.00000436, and it has gained 3.19 percent over the past seven days. With major cryptocurrencies showing mixed moves without large swings, market participants are waiting for additional macro indicators.

In particular, investors are focused on minutes from the Federal Open Market Committee set to be released on July 8. As the first minutes to be released since Kevin Warsh became the new Federal Reserve chair, demand to identify clues on monetary policy is being reflected. Weekly initial jobless claims data for June are also scheduled for July 9 and could affect near-term risk-asset sentiment.

Investor sentiment across altcoins is showing some signs of recovery. CoinMarketCap's altcoin season index rose to 47 out of 100. The original report noted that the figure suggests optimism is returning toward altcoins. Coinglass data showed that open interest in the cryptocurrency market rose by $108 million over the past 24 hours.

Signals are mixed. Some key indicators were mixed, and positive funding rates were presented at levels that could point to bullish sentiment. For Shiba Inu as well, it is too early to conclude a trend reversal based on a single technical signal. While it rose for most of last week, it did not attract follow-on buying, and the rebound did not extend to a level needed to confirm momentum.

The market's next focus is whether it can break above the daily 50-period moving average. Buying support held the $0.00000405 area but failed to translate into sustained gains toward $0.000005. Bulls see a clear break above the daily 50-period moving average at $0.00000489 as necessary for another attempt at $0.000005.

In the background, Shiba Inu slid to $0.00000405 on June 26 before rebounding as bargain buying flowed in. Gains after that were limited. As a result, U.Today reported that while the short-term golden cross is a signal worth watching, whether it leads to an actual trend reversal will be decided by a recovery of $0.00000489 and whether it breaks above $0.000005 again.