Formation of the "Death Cross" for Shiba Inu amid a liquidation of $441 million in the cryptocurrency market
The Shiba Inu (SHIB) currency has formed what is known as a Death Cross on the hourly chart, which is a bearish technical signal that occurs when the 50-period moving average falls below the 200-period moving average. This formation came amid a widespread sell-off in the cryptocurrency market, with over $441 million in positions being liquidated in a single night.
The price of SHIB has declined for three consecutive days since March 25, as a result of profit-taking and investors assessing global economic challenges. Currently, SHIB is trading at $0.00000577 after bouncing back from a low of $0.00000571, indicating buyer intervention at this price.
The current level of the 50-hour moving average represents a significant resistance, and a break of this level could open the way toward the 200-hour moving average at $0.00000596. Until these resistance areas are exceeded by continuous buying, any weak rebound remains and requires close monitoring to support the level of $0.00000571 to avoid further declines.