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Although the price of the popular meme-inspired cryptocurrency, Shiba Inu (SHIB), has lost more than 35% in the past two weeks, its adventures may not end there. The fact is that on the price chart of the Shiba Inu token, a “death cross” is rapidly forming, as the event is called, when a lower-order moving average crosses a higher-order moving average from top to bottom.
This is believed to symbolize that downtrends are gaining strength and a medium-term downtrend is forming.
Stock exchanges in Turkey - what is happening? In our case, we are talking about the standard ranges of 23 and 50 days. At the moment, the curves are about to cross, and everything is still capable of reversing. However, if the “death cross” forms, it will be important to consider what possible consequences it may have for the SHIB price.
Source: TradingView
Therefore, the Shiba Inu price is currently trading at $0.00002156, facing a strong support block in the $0.00001715-0.00001875 per Shiba Inu region for the foreseeable future. The meme token had already reached the upper bound of this range during a decline about a week ago, and then bulls got into the act by buying back Shiba Inu and pushing the price up by about 14.3%.
A retest of the current crypto market conditions is not ruled out, and here the block could act as a space for SHIB price accumulation. Moreover, the Shiba Inu token will form a local bottom here, or if the sell-off continues and the block collapses, the SHIB price could threaten to drop to $0.0000145 per token, where the next fairly obvious support area is located.#ShibaInu News#ShibaInu (SHIB) #شيباريوم #RideTheKaiaWave #BtcNewHolder #2024withBinance
