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The post Shiba Inu Price Analysis: Death Cross Threatens SHIB Price From a Short-Term Perspective appeared first on Coinpedia
The second largest memecoin, Shiba Inu (SHIB), is undeniably facing increased selling pressure after last week’s correction, which wiped out all the gains made during the hype surrounding the Shibarium launch. SHIB’s price suddenly dropped last week following the chaotic rollout of Shibarium’s second-layer scaling solution.
However, core developers led by Yayoi Kusama immediately stepped in to resolve the network congestion problem of locking up staked assets. Before the problem was resolved, Kusama had pledged $2 million to guarantee the safety of the staked assets to early investors.
Shiba Inu on the loose
After an impressive rally over the past few weeks, the Shiba Inu price retraced 36% as Bitcoin fell below key support around $29,100. After a death cross occurred between the 50 and 200 moving averages (MAs) on the four-hour timeframe, the Shiba Inu bear is poised to move further lower in the coming days.
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Arguably, the Shiba Inu price could drop another 34% to the next major support level, revisiting this year’s lows. However, on-chain m-intelligence platform Santiment warns that most crypto assets tend to rise every time a bear market narrative dominates most communities. Therefore, based on historical data analysis, the Shiba Inu price could move sideways in the coming quarters, waiting for the Bitcoin halving to trigger a macro bull run.
