Shiba Inu (SHIB) is teetering on the edge of a potential crash as the dreaded death cross formation approaches. Despite hopeful signs of a turnaround, SHIB's recent price action suggests a continuation of the downtrend.
SHIB is facing a precarious situation as the death cross formation looms closer. The recent price action has been dominated by bears, and a strengthening downtrend seems inevitable. The technical outlook is concerning because SHIB 's 50-day exponential moving average (EMA) is poised to cross below the 200-day EMA, a pattern known as a death cross . This formation could trigger SHIB to test lower levels and signal a prolonged bearish phase. If the $0.
000016 support level fails to hold, SHIB could plummet to the next major support at $0.00001450. In the worst-case scenario, it could even retrace further to $0.00001300.However, SHIB still has a slim chance to avert the death cross if there's a surge in buying activity. A clear push above the $0.000018 resistance level would be a strong indicator that bulls are stepping in to protect SHIB from further declines. Breaking above the $0.000020 level would completely debunk the bearish outlook and initiate a market recovery.SHIB's recent performance, however, is not encouraging. Every rally attempt has been met with strong resistance, and the asset has consistently failed to reclaim higher levels. The prevailing uncertainty in the broader market sentiment further complicates SHIB's ability to regain bullish momentum. Shiba Inu is currently at a crossroads. To avoid a significant downturn, SHIB needs to maintain prices above both the 50 and 200-day averages. This means SHIB is likely to experience a death cross in the coming days. An abrupt spike in buying pressure is the only way to rescue SHIB from this decline, which unfortunately appears unlikely at present
SHIB Shiba Inu Death Cross Cryptocurrency Bearish Downtrend Technical Analysis Trading
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