Shiba Inu (SHIB) has shown growth after a recent 'death cross' signal, which typically indicates a bearish trend. Let's explore the current trends and possible scenarios.
Technical Analysis and Current Trends
The 'death cross' indicator appeared as the 50-day moving average crossed below the 200-day. However, after four days of decline, Shiba Inu rose by 2.22%, trading at $0.00001555.
Challenges Facing Shiba Inu
Friday's drop was driven by the market's reaction to a massive $1.5 billion theft at the Bybit exchange. Despite this, Shiba Inu rebounded on Saturday, maintaining positive momentum.
What to Expect Next
For a bullish trend, SHIB needs to overcome major resistance levels. Sustained momentum could see prices reaching $0.00003 or higher. However, lack of support may result in consolidation.
While the 'death cross' signals bearish pressure, SHIB's current rebound is sparking speculation about a potential price bottom. Traders will closely watch the evolution of this recovery.
