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Shiba Inu's technical indicators are currently sending mixed signals with a recent golden cross overturned by double death cross signals.
Shiba Inu saw a golden cross on the three-hour chart in mid-March as the price showed indications of recovery. This, however, did not last. Any efforts Shiba Inu made to bounce back proved fruitless.
The golden cross, a fleeting signal, had momentarily suggested a potential upturn, sparking optimism about a surge in buying.
However, the market sentiment changed with bears gaining the upper hand. This was followed by two death cross signals forming on the three-hour chart.
The brief period following the first death cross had Shiba Inu's price climb. This was only temporarily as short-term momentum remained weak. This mixed signal might suggest the current market uncertainty.
As of this writing, SHIB had dipped 2.22% over the past day, trading at $0.000005895, though it was up 1% on the week.
Crypto market remains in downtrend
The digital asset market continued to exhibit signs of choppiness, with crypto prices now in the middle of a trading range that spans back to early February. The persistent low volatility and subdued futures trading suggest a general hesitance.
Increasing bearish positioning is seen in the derivatives market as the funding rate stays negative for most cryptocurrencies.
Trading remained subdued, with the extended holiday weekend keeping trading volumes thin. Shiba Inu has seen its volume drop nearly 36% in the last 24 hours to $70.31 million, according to CoinMarketCap data.
The broader test comes with U.S. inflation data on April 9, which might influence rate-cut expectations. A higher-than-expected figure might reinforce the bearish narrative in the market.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
