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Shiba Inu is clearly struggling as the death cross formation is getting closer and closer to the price of the asset. The recent price action of SHIB is dictated by bears instead of bulls, and the strengthening of a downtrend is only a matter of time in SHIB's case.
Because SHIB's 50-day exponential moving average (EMA) is about to cross below the 200-day EMA, the technical picture is concerning. Commonly known as a death cross, this formation may force SHIB to test lower levels and indicates a long-term bearish phase. The next major support at $0.00001450 could be reached by SHIB if the $0.000016 support does not hold and, in the worst case, it could retrace even further, reaching $0.00001300.
SHIB still has a chance to avoid the death cross even with the impending bearish structure if there is a spike in buying activity. One of the most important indicators that bulls are intervening to protect SHIB from additional declines would be a clear push above the $0.000018 resistance level. By breaking above $0.000020, the bearish outlook would be disproved and the market would begin to recover.
Gamza KhanzadaevRegretfully, the downward trend of SHIB over the last few weeks does not bode well. Strong resistance has thwarted every rally attempt, and the asset has continuously failed to recover higher levels. SHIB's ability to regain bullish momentum is made more difficult by the prevailing uncertainty in the sentiment of the larger market. Shiba Inu is at a turning point in its life.
In order to avoid a substantial downfall, SHIB has to hold price levels above the 50 and 200-day averages, which practically means that there is no way for Shiba Inu to dodge a death cross in the upcoming days. An abrupt buying pressure surge is the only way to save SHIB from a downfall, which, unfortunately, does not seem like a realistic scenario for the asset.
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