- Shiba Inu price action sees bulls mulling over a possible push above the monthly pivot at $0.00002500.
- SHIB price could get slaughtered if a technical death cross deepens further.
- Expect investors to be on edge as the Ukraine enters its end game in Kyiv.
Shiba Inu (SHIB) price action sees a death cross forming as the 55-day Simple Moving Average (SMA) dips below the 200-day SMA. With this very bearish signal, a bear market could be on the cards as the battle in Kyiv looks to be nearing its end game, and investors will be on edge over the weekend about what Putin is planning to do next. Expect price action to weigh further as a death cross – a force to be reckoned with – forms, and could lead to falls as far as $0.00000607, shedding 72%.
SHIB bulls will want to be nowhere near Shiba Inu when price action collapses
Shiba Inu price action saw a very contained session yesterday as more significant cryptocurrencies took a heavy hit on the unfolding events that shocked the world. SHIB managed to limit an initial 16% loss to only 4% at the close. This morning, however, bulls are puzzled on what to do as news flow points to the Russian military ready to seize the capital and possibly end the attack today.
SHIB bulls will step away as the very bearish signal from the 55-day SMA crossing below the 200-day SMA is an omen to respect. Bulls must not be patient and await the proper level to get in long if they don’t want to get burnt. Thus, Shiba Inu price could drop towards $0.00001500, with the monthly S1 support level over a possible bounce point, or dip below $0.00001000 and go for $0.00000655 with the monthly S2 support, a historical level, and the Fibonacci level all coinciding near each other.
SHIB/USD daily chart
When bulls can push price action further above the monthly pivot at $0.00002500, expect the death cross to be dismantled with the 55-day SMA popping back above the 200-day SMA. Should market sentiment be that positive, expect to see further acceleration of buying-interest with a lift above $0.00002782, towards $0.00003000. That would mean around 20% of gains possible in these very volatile and challenging times.
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.