- Shiba Inu price witnessed a bearish death cross on the daily time frame on December 13.
- SHIB trades range bound within a 10% fluctuating zone on the week.
- The bulls will need to flip the 0.00000932 barrier into support to justify a bullish outlook.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.