Shiba Inu （SHIB） is facing a bearish trend as it experiences a death cross on the four-hour chart. The ongoing sell-off has drawn significant attention to the token’s future price movements.
Points
- Shiba Inu has experienced a sustained sell-off, triggering a death cross.
- The death cross indicates a bearish trend, with the 50-period moving average crossing below the 200-period moving average.
- Traders are closely watching other indicators for potential reversal signals.
- Broader market volatility is contributing to SHIB’s price challenges.
Shiba Inu’s price has been under considerable selling pressure, falling for seven consecutive days since July 27. This prolonged sell-off has led to the formation of a death cross on the four-hour chart, where the 50-period moving average has crossed below the 200-period moving average. This pattern often signals a bearish trend, suggesting that further declines may be imminent.
The appearance of this pattern on the four-hour chart indicates that bearish momentum is gaining strength in the short term. Traders are now looking to other indicators and price actions to identify potential reversal signals. The broader cryptocurrency market is also experiencing increased volatility, adding to the selling pressure on SHIB.
What’s next for SHIB price?
For SHIB to reverse its current trend, a decisive break above the daily moving averages of 50 and 200 at $0.000017 and $0.0000202, respectively, would be necessary. This could signal the start of a bullish comeback, allowing SHIB to exit its current trading range. In the meantime, Shiba Inu may experience a relief rally as bearish forces take a breather.
On the downside, if the sell-off continues, SHIB’s next significant support range is between $0.000008 and $0.000014, as indicated by on-chain statistics. Intermediate-term support is seen at $0.0000126, where SHIB’s price sharply rebounded in early July.
解説
- Death Cross: The death cross is a technical analysis indicator where the short-term moving average crosses below the long-term moving average, signaling a bearish trend.
- Bearish Momentum: The current sell-off and death cross suggest that bearish momentum is strong, and further declines may occur if key support levels are breached.
- Potential Reversal: For a bullish reversal, SHIB needs to break
above key moving average levels, which would indicate a potential change in trend.
– Market Volatility: The broader cryptocurrency market’s increased volatility contributes to the challenges SHIB is facing, influencing its price movements.
– Support Levels: Identifying and holding key support levels is crucial for preventing further declines and stabilizing the price.