The dog-themed cryptocurrency Shiba Inu (SHIB) has shown a “death cross” on its short-term charts, signaling a bearish trend as its price keeps falling for the seventh day in a row. So, what’s the next move for Shiba Inu in upcoming days.
Shiba Inu’s price has been dropping steadily for seven days since July 27. This ongoing sell-off has caught the market’s attention. A “death cross” happens when a short-term moving average falls below a long-term one, often signaling a downtrend. For Shiba Inu, this pattern has appeared on the four-hour chart, with the 50-period moving average crossing below the 200-period moving average.
The appearance of this pattern on Shiba Inu’s four-hour chart suggests that the downward trend is picking up steam in the short term. Traders will watch for other signs and price movements to see if there might be a turnaround in SHIB’s price.
Shiba Inu’s recent price changes aren’t happening in a vacuum. The wider cryptocurrency market is also seeing more ups and downs, with many digital assets facing selling pressure due to broader economic factors and changes in investor sentiment.
What’s the next move for SHIB?
As of now August 8, Shiba Inu (SHIB) is down 4.87% over the last 24 hours as per Coinmarketcap data, trading at $0.00001406, has fallen over 4.50% in last 24 hour and 16.42% over the past week. The trading volume also down over 18% which is 213 million in last 24 hours.
If today ends with a loss, it will be the eighth day in a row that SHIB has dropped. However, if the price breaks above the daily moving averages of $0.000017 and $0.0000202, it could signal the start of a recovery and help SHIB move out of its current slump. For now, Shiba Inu might see a brief bounce as sellers take a break.
Note: This informational article is for educational purposes only and does not constitute financial advice. Please do-your-own-research (DYOR) before investing in cryptocurrency.
