A rare bearish pattern has formed on the chart of the popular cryptocurrency Shiba Inu (SHIB), signaling potential changes in price movement.
Death Cross Formation
A death cross is being observed on the weekly chart for SHIB, with the 50-day and 200-day moving averages nearing a crossover. This formation is traditionally associated with long-term declines, and while crosses are typically discussed on daily charts, their presence on a weekly chart signals greater significance.
Current SHIB Price and Support Level
Currently, SHIB is struggling to hold a key support zone around $0.00001. This week, the price rebounded slightly to $0.00001162, yet the overall trend remains heavy.
Market and Investor Anticipation
SHIB has not yet managed to test the moving average cluster above, which now acts as strong resistance. This potential death cross could mark a new phase in SHIB's market history, prompting caution among many traders.
The situation surrounding SHIB is drawing attention from analysts and traders, as patterns not previously seen could lead to significant market changes.
