As an analyst, I’ve been observing the market trends closely, and it’s clear that recent days haven’t brought much cheer to the world of cryptocurrencies. My personal analysis indicates that Shiba Inu (SHIB), a coin that has garnered significant attention, hasn’t escaped this downturn either. Since reaching its January peak at $0.000025, it’s lost close to 20%. This decline is certainly hard to swallow, but when I examine the price chart and the patterns on it for SHIB, it seems we might be witnessing just the start of a challenging phase for this popular meme cryptocurrency.
It’s important to mention the appearance of a ‘death cross’ on the 12-hour price chart for Shiba Inu token. This pattern occurs when a shorter moving average (in this case, the 50-day) starts declining while a longer one (the 200-day) begins to increase. These particular moving averages are commonly used in the cryptocurrency market.
Following the concerning pattern, the SHIB price plummeted swiftly, shedding over 11% within merely 36 hours. Currently, the behavior of this meme token suggests a plunging blade rather than an investment opportunity that a prudent investor would consider attractive.
At a price of $0.00002, Shiba Inu (SHIB) is almost at risk of breaking its crucial psychological and technical support level. If it does so, the potential next drop could take it down to $0.00001857, representing a decrease of approximately 7.33%.
Two paths for Shiba Inu (SHIB)
Essentially, there are two possible situations regarding the Shiba Inu token, neither of which is favorable in the near future. If things continue as they are, the token may hold its current value, with neither buyers nor sellers managing to gain control.
In the second situation, potential buyers might abstain from trading until the Shiba Inu coin (SHIB) experiences extremely low prices, often referred to as “oversold” conditions, which may resemble the price drops seen during last year’s market correction.
On a more optimistic note, since the death cross appeared on a shorter time scale, it may not persist for an extended period.
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2025-01-13 17:07