Shiba Inu (SHIB) has encountered renewed selling pressure. This bearish turn came after the appearance of a death cross on its lower timeframe charts. This negative indicator has intensified concerns about the token’s near-term recovery prospects, as bearish momentum appears to be building.
Technical Indicators Signal Weakening Momentum
Shiba Inu recorded the new death cross on the 2-hour chart, building on an earlier occurrence on the 1-hour timeframe on February 19. A death cross happens when the 200-period moving average crosses above the 50-period average.
This move suggests weakening bullish momentum. The repetition across shorter timeframes may point to similar patterns forming on longer-term charts, which could strengthen the bearish outlook.
While some market observers view the death cross as a lagging indicator, reflecting existing price action rather than predicting future moves, others treat it as a signal of likely price developments.
The cross coincided with a substantial 4.2% correction captured on the 2-hour chart earlier in the week, highlighting the immediate impact of this technical event on SHIB’s market behavior.
Key Support Levels Under Test
Shiba Inu fell to $0.0000060 after the death cross. This decline tested an important support level. The price recovered slightly to $0.00000614, but broader market pressures and persistent crypto sector uncertainties drove it back toward $0.0000060. This now leaves the token at a crucial level for its next price move.
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SHIB now trades around $0.00000592, demonstrating some resilience at this key support. The ability of the token to maintain this level will be crucial in determining whether it can stabilize or face further downward pressure.
Prospects for Recovery and Resistance
If Shiba Inu can sustain support near $0.0000060, it may generate conditions for a modest rebound toward higher resistance levels. Immediate targets for potential upward movement are positioned at $0.0000066, followed by $0.0000072 and $0.0000078.
Achieving a sustained rally would require SHIB to break above several major moving averages. It currently trades below most of these indicators, and until such a breakout occurs, any price gains may be interpreted as temporary relief rather than a reversal of the broader trend.
If the $0.0000060 support doesn’t hold, SHIB’s price could drop to $0.0000057 or even $0.0000050. These levels have historically attracted buyers. They provide strong support against deeper declines. Market participants remain cautious but believe that renewed demand here could help stop the current downward trend.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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