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Popular meme-inspired cryptocurrency Shiba Inu (SHIB) continues to experience significant market pressure following this very market downtrend.
One would like to highlight something positive, but the only optimistic thing to say when looking at the price chart of SHIB is that the negative will continue, which means that the end of the price collapse will come sooner rather than later.
Yuri MolchanAs the prices of crypto assets fall, ominous patterns appear on the chart, and the Shiba Inu token is no exception. In fact, the price chart of the much-loved meme coin recently came close to forming a death cross pattern.
For those not in the know, a death cross is when the moving average of a lower time frame, in our case the 50 day, crosses the moving average of a higher time frame, in our case the 200 day, from top to bottom.
This is an ominous pattern that precedes a bearish move, and since it is forming on the daily time frame, the consequences can be at least medium term. The price of Shiba Inu has already lost 4.4% since the beginning of the week, and the death cross has not even formed yet.
Possible scenarios for Shiba Inu (SHIB)
This may indicate that the market is pricing in the upcoming dip. On the positive side, such behavior could mean that when the death cross finally arrives, it will not be the beginning of the fall, but rather the beginning of the end of the fall.
So there really are not many options. The first is that the price of the Shiba Inu token will continue to fall, with the $0.000011 level serving as the next major price support level. And yes, it is 26% below the current SHIB price.
Arman ShirinyanThe second is that the Shiba Inu token will fluctuate somewhere between $0.000011 and $0.000017 until one of these extremes is reached. What happens then will further explain the future.
Dan Burgin
Vladislav Sopov