Oh, dear. It seems the Shiba Inu cryptocurrency has been hit by a bearish technical indicator known as the “death cross.” Now, don’t let the name scare you too much. It’s just a fancy way of saying that the 50-day moving average has dipped below the longer-term 200-day moving average. 🐕🦺
This unfortunate event has coincided with a 0.21% daily drop in SHIB‘s price, leaving it at a measly $0.00001538. Weekly, the situation looks even grimmer, with Shiba Inu recording losses of nearly 7%. 📉
The cryptocurrency market has been facing some serious pressure lately, thanks to those pesky macroeconomic concerns. The Fed’s cautious outlook on interest rates has been particularly hard on speculative assets like Shiba Inu. 💸
But fear not, dear reader! There’s always a chance for a rebound. After all, Shiba Inu’s last moving average crossover was a “golden cross,” which is basically the opposite of a death cross. And we all know how much investors love a good golden cross. 🌟
So, while the current situation may seem grim, remember that the world of cryptocurrency is nothing if not unpredictable. Who knows? Maybe Shiba Inu will surprise us all and come out of this death cross stronger than ever. 🤞
Potential scenarios
If the current scenario plays out with the emergence of the recent death cross, Shiba Inu might seek to establish a price bottom and consolidate a while before making a major price move. 📈
In the event of a price rebound, a decisive break above the daily moving averages 50 and 200 at $0.0000191 and $0.0000192 would be the first sign of strength for bulls and cause SHIB to escape its current range trading. 🚀
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2025-02-20 14:56