Look! Shiba Inu (SHIB) is on the verge of a "death cross", what will happen next?

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As a meme-inspired cryptocurrency, Shiba Inu (SHIB) has recently fallen by more than 35%, but its troubles may be far from over. At present, the price chart of SHIB is quickly forming a typical "death cross", which is a bearish signal that usually means the strengthening of the downward trend in the short term.

In this case, the short-term moving averages of 23 days and 50 days are about to cross, forming a "death cross" pattern. This technical indicator usually indicates that market sentiment has turned pessimistic and prices may see further downward movement. Although the current curve is still close to the crossover point and the price trend may still reverse, if this crossover pattern eventually holds, the potential impact on SHIB cannot be ignored.

Currently, the price of Shiba Inu is $0.00002156, and in the short term ahead, the price may find strong support between $0.00001715 and $0.00001875. It is worth noting that during last week's decline, SHIB hit the upper limit of the support range, and the intervention of bulls pushed the price back by 14.3%.

However, if the market continues to face selling pressure, the current support range may be further tested. In this case, the SHIB price may fall to $0.0000145, which is the next key support area and may become a turning point for price rebound.

Overall, the short-term trend of SHIB is still full of uncertainty. Investors should pay attention to the performance of the current support area and observe whether the market can form a bottom in this area or further explore to find a new support level.

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