Shiba Inu has been dropping for four straight weeks. SHIB extended its drop from late October on Friday to reach a low of $0.00000710 last seen in October 2023, posting four red weekly candles.
Shiba Inu’s price drop in recent weeks has resulted in its first-ever weekly death cross. The weekly MA 50 has fallen below the weekly MA 200 for the first time on record, completing a death cross pattern.
SHIB/USD Weekly Chart, Courtesy: TradingViewThis crossover is typically interpreted as a bearish signal because it indicates weakening short-term momentum with respect to the longer trend.
The selling pressure across the crypto market has only intensified in the past 24 hours, with a further $1.93 billion in leveraged positions liquidated, according to data from CoinGlass. Global market conditions and waning retail sentiment are contributing to the ongoing crypto downturn. This follows as the market struggles to find new buyers since October’s sell-off and the momentum that had supported prices earlier in the year evaporated.
Price targets revealed
Shiba Inu has seen significant drops, down 9.71% in the last 24 hours to $0.000007793 and down 15% weekly.
Shiba Inu previously reached a low of $0.0000071 on Friday, which was last seen in October 2023. Taken from a high of $0.00001026 on Nov. 11, Shiba has seen nine of eleven days in losses, today included.
Despite its bearish reputation, on certain times, a death cross might mark a major local bottom. If this is the case, the weekly death cross might turn out to be a bear trap, signaling a bullish trend reversal.
Here, Shiba Inu would seek to establish a price bottom in the $0.000007 range. If the price rebounds, the next major resistance levels, based on the weekly chart, are in the $0.000014 range, which suggests a potential 100% rise from current levels if bulls return back to the game.
Source: https://u.today/shiba-inus-first-ever-weekly-death-cross-completed-price-targets
