As a seasoned researcher with years of experience navigating the turbulent waters of the cryptocurrency market, I find myself standing before the latest development in the Shiba Inu (SHIB) saga – the dreaded “death cross” signal on its short-term charts. Having witnessed similar patterns play out in the past, I can’t help but feel a sense of deja vu, as if history is repeating itself in slow motion.
The canine-centric digital currency, Shiba Inu (SHIB), has signaled a downward trend following the appearance of a “death cross” pattern on its short-term graphs, indicating that the token’s price is dropping for the seventh day in a row. This suggests a bearish market movement.
For the past seven consecutive days, starting from July 27, the price of Shiba Inu has been experiencing downward pressure and is selling off. This prolonged sell-off has caused the value of SHIB to drop significantly, prompting the market to closely monitor its movement.
In simpler terms, when the average price of Shiba Inu over the last 4 hours drops below its average price over the last 200 hours (which is calculated using two different time frames), we refer to this as a “death cross.” This pattern typically indicates a potential downtrend for Shiba Inu.
It seems that the Shiba Inu‘s four-hour chart shows a recurring pattern, implying that the temporary downward trend might be growing stronger. As traders often do, they will scrutinize additional signals from various indicators and market behavior to predict if there could be a potential change in the SHIB price direction.
It appears that the current price fluctuations of Shiba Inu aren’t happening in a vacuum. The overall cryptocurrency market has been witnessing heightened volatility lately, as numerous digital currencies are encountering selling pressure. This is due to several economic factors and adjustments in investor attitudes affecting the market as a whole.
What’s next for SHIB price?
As I type this, SHIB has dropped by 4.22% over the past 24 hours to a price of $0.000014. This also represents a weekly decrease of 16.42%. If today’s trading ends in negative territory, Shiba Inu will have experienced eight consecutive days of losses.
If SHIB manages to surpass its daily moving averages at approximately $0.000017 and $0.0000202, it might be an indication of an upcoming bullish trend, helping Shiba Inu move beyond its current trading boundaries. For now, a temporary uptick or relief rally in SHIB could occur as the bears temporarily step aside.
If the downward trend persists, data from on-chain statistics suggests that SHIB‘s next substantial area of support could be roughly between 0.000008 USD and 0.000014 USD. In the near future, a potential support level is anticipated at approximately 0.0000126 USD, as this was where Shiba Inu’s price experienced a significant rebound in early July.
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2024-08-04 16:39