Shiba Inu price is under pressure as bears solidify their intentions

Shiba Inu price could be setting up for a downtrend surge. At the time of writing, the bulls show early signs of failure. If market conditions persist, a sweep-the-lows event will be imminent. 

Shiba Inu price under pressure

Shiba Inu price is witnessing an ongoing consolidation as the notorious meme coin coils within a 10% range on the week. On December 13, a bearish cross was spotted on the daily chart as the  21-day simple moving average treaded over the 8-day exponential moving average while SHIB remained submerged. 

Since the signal, the bulls have been rejected near the $0.00000900 barrier on smaller time frames. Bearish crosses are often referred to as a “death cross” amongst traders as the crossing of the slower moving average into the faster one usually results in sharp liquidations.

Shiba Inu currently trades at $0.00000885. A second retest of the intersected indicators will be unnecessary if the market is genuinely bearish. A piercing of the December 13 low at $0.00000861 could prompt a bear rally targeting the November swing low at $0.00000817 for a 7% decline. If bulls remain sidelined near the November bottom, then SHIB will likely print new yearly lows in the coming weeks.

SHIB/USDT 1-day chart

As mentioned in the previous outlook, a bullish attempt at the December 13 swing high at $0.00000932 is required to consider aiming for higher targets. If the bulls can flip the barrier into support, SHIB could rally as high as the November 10 swing high at $0.00001055. The Shiba Inu price would rise by 19% under the bullish scenario.