Amid the tensions of another market-wide downturn owing to recent developments including the Silvergate fiasco, the Shiba Inu price may continue to experience strong selling pressure in the upcoming weeks.
Shiba Inu death cross might also occur in the near future and the near-term price movement may be in danger. Since the asset is currently trading below the 50-day moving average, analysts believe that a “death cross” may shortly appear on the chart.
A death cross is a technical pattern that suggests the possibility of a significant sell-off, as is currently happening on the SHIB chart. Death crossings happen when the 200-day moving average (MA) crosses below the slow-moving 50-day MA.
They are a type of technical indicator that often signals a substantial decline in the price of the specified cryptocurrency asset.
Since hitting an all-time high of $0.0000157 on February 4, the SHIB price has decreased. A bearish divergence in the daily RSI occurred prior to the decline. The lowest price for Shiba Inu so far is $0.0000108.
Investors in SHIB should be concerned about this pattern because it suggests that the price of the asset may drop further in the near term. The price of Shiba Inu is currently trading at $0.00001, the lowest level in 40 days.
Also, the development occurs just as Shiba Inu is getting ready to introduce the beta edition of its layer 2 networks Shibarium. Thus, there is the possibility of a significant move north and the danger that it won’t happen.
Recent changes on the possible debut of Shibarium caused the price to react a little bit. One of the founders responsible for the Shibarium layer-2 blockchain is Shytoshi Kusama. Some investors are unsure of Shiba Inu’s future given the current level of interest in Shibarium.
