Shiba Inu price set for a drop of 72% as death cross forms

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.