The cryptocurrency Shiba Inu (SHIB) is on the verge of a significant correction due to the formation of a "death cross" on the weekly chart. This signals potential further price declines.
Current Situation in the SHIB Market
SHIB is currently trading around $0.00001120, struggling to hold positions above long-term support levels. This range has served as a price base several times in recent years.
"Death Cross" Signal
On the weekly chart, a convergence of the 50-week moving average toward crossing with the 200-week average is observed, a setup known to traders as a "death cross." This signal typically occurs in the later stages of a market downturn and can signify serious changes.
Outlook and Possible Scenarios
With current trends, the price may drop below $0.00001000, leading to prices not seen since early last year. The current technical indicators appear bearish, and unless the situation changes, the SHIB market may continue to move in a narrow range or further decline.
The formation of a "death cross" on the SHIB chart serves as an important signal for traders and investors, forecasting possible changes in price dynamics. Monitoring the market's next moves will help determine Shiba Inu's trajectory.
