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Although the price of the popular meme-inspired cryptocurrency, Shiba Inu (SHIB), has lost more than 35% in the past two weeks, its adventures may not end there. The fact is that on the price chart Shiba Inu symbolA “death cross,” as the event is called, quickly forms when a lower-order moving average crosses a higher-order moving average from top to bottom.
This is believed to symbolize that bearish trends are gaining strength and a medium-term downtrend is forming.
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In our case, we are talking about the basic ranges of 23 and 50 days. Right now, the curves are about to cross, and everything could still change. However, if a “death cross” forms, it will be important to consider what possible consequences it could have for the price of SHIB.
Therefore, it is currently trading at $0.00002156 Shiba Inu Token Price It has a strong support block in the range of $0.00001715 - $0.00001875 per SHIB zone for the foreseeable future. The tokens actually reached the upper limit of this range during the decline about a week ago, and then the bulls got into action by buying back SHIB and pushing prices up by about 14.3%.
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A retest of current cryptocurrency market conditions is not ruled out, and here the block could serve as a space for SHIB price accumulation. Moreover, Shiba Inu The token will form a local bottom here, or if the sell-off continues and the block breaks up, SHIB price could threaten to drop to $0.0000145 per token, where the next more or less clear support area is located.
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