Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shiba Inu is set to flash a key signal on its daily chart in the coming days. This is crucial as traders continue to watch the charts for clues as to Shiba Inu's next price move as the broader market faces a drop.
The crypto market extended its sell-off at the start of the week as investors continued to weigh macroeconomic concerns.
The sell-off escalated in the prior day as majority of cryptocurrencies saw a sharp drop, with $809 million liquidated over the last 24 hours.
Shiba Inu likewise saw a sharp drop in the previous day, dropping from $0.00001313 to $0.00001183, marking three days of drop since Aug. 22. The cryptocurrency slightly rebounded, reaching $0.00001225 in early Tuesday session, but remains lower on the day.
Shiba Inu was down 0.42% in the last 24 hours to $0.00001223 at press time and down 3.17% weekly.
Shiba set to flash key signal
Shiba Inu is set to form a major moving average crossover on its daily chart. The daily SMA 50 and the daily SMA 200 have converged and are set to make a crossover in about two days or more.
A bullish golden cross would form if the daily SMA 50 crosses above the daily SMA 200, and it otherwise would create a bearish death cross.
Traders will continue to watch the nature of the crossover to determine Shiba Inu's next market move. In most instances of a death cross, Shiba Inu often went on to mark a price bottom following a period of decline and consolidation, while the Shiba Inu price saw rises following a golden cross signal.
The crypto industry is celebrating International Dog Day. Major crypto exchange Coinbase, in a recent tweet, paid tributes to Kabosu, the Shiba Inu dog behind the DOGE meme who passed on in May 2024 on International Dog Day: "This International Dog Day, we remember the OG.Your spirit lives forever onchain."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team