Shiba Inu (SHIB) on Verge of Death Cross: Possible Scenarios

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As a seasoned researcher with years of experience navigating the tumultuous seas of the cryptocurrency market, I must say that the recent decline of Shiba Inu (SHIB) has been an interesting spectacle to observe. While I have seen many cryptos rise and fall, the meme-inspired nature of SHIB adds a unique flavor to its price movements.

As a crypto investor, I’ve noticed that the value of Shiba Inu (SHIB) has taken a significant dip, losing more than 35% in just two weeks. However, this downward trend might not be over yet, as a potential “death cross” is shaping up on its price chart. This term refers to an ominous event where a short-term moving average starts to cross below a longer-term moving average, which can often signal further price decreases.

It’s thought that this represents the increasing power of bearish tendencies, suggesting a mid-term decline is developing.

As a researcher, I’m referring to the well-known 23-day and 50-day moving averages in this context. At present, these lines are nearly intersecting, leaving room for things to change. Yet, if a ‘death cross’ materializes, it becomes crucial to assess its potential impact on SHIB’s price trajectory.

Presently, the Shiba Inu token is valued at $0.00002156. For the upcoming period, this token’s price appears to have a robust support level between approximately $0.00001715 and $0.00001875 per SHIB. The meme token previously touched the upper limit of this range during its decline nearly a week ago. Following that, the bulls stepped in by buying back SHIB, which resulted in an increase of around 14.3%.

It’s possible that the current crypto market situation could see a repeat test, and this period might offer an opportunity for Shiba Inu (SHIB) price accumulation within the block. If the SHIB token finds its bottom here, it will stabilize. However, if selling pressure persists and the block gets breached, SHIB’s price may slide towards $0.0000145 per token, where a potential strong support level exists.

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2024-12-26 18:28