Shiba Inu is about to reach a crucial price threshold; The 200 EMA is expected to become the main support level for the asset in a bullish mode. However, the rupture below is sure to cause serious problems, pushing Shiba Inu into the void and potentially triggering the death cross.
Shiba Inu is about to reach a crucial price threshold; The 200 EMA is expected to become the main support level for the asset in a bullish mode. However, the rupture below is sure to cause serious problems, pushing Shiba Inu into the void and potentially triggering the death cross.
Shiba Inu, which is currently trading around $0.00002169, has been trying to hold its own, settling above key support levels. The crucial level to pay attention to is the black line that represents the 200-day exponential moving average. A significant reversal may occur for SHIB if it can maintain its balance above this level. However, if this support does not hold, further declines and a bearish trend could occur.
Traders closely follow indicators such as the 50-day EMA and the 100-day EMA. The 50 day EMA is showing signs of joining up with the 200 day EMA. If these lines cross, a death cross could occur, a bearish technical pattern that indicates possible future declines. However, there is always a chance for SHIB to bounce back from the 200-day EMA, avoiding this negative situation.
Alex DovbnyaMarket sentiment as a whole and trading volume are additional considerations. The decline in trading volume suggests an absence of solid buying interest, which is critical in any reversal. The RSI at the bottom of the chart shows that SHIB is approaching oversold dominance, which could demonstrate the potential for buying interest.
Some potential causes could push up the price of SHIB. A price reversal could be due to positive news or developments in the Shiba Inu ecosystem, as always, market recovery or increased interest from institutional investors.
