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Although the price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has lost more than 35% over the past two weeks, its misadventures may not end there. The fact is that on the price table of Shiba Inu TokenA “death cross” quickly forms, as the event is called, when a lower order moving average crosses a higher order moving average up and down.
This is believed to symbolize that downtrends are strengthening and a medium-term downtrend is forming.
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In our case, we are talking about the canonical bands of 23 and 50 days. At the moment, the curves are about to cross, and everything can still turn around. However, if the “death cross” forms, it will be important to consider the potential consequences it will have on the SHIB price.
So, currently trading at $0.00002156, the Shiba Inu Token Price has a strong support block at the $0.00001715 to $0.00001875 area per SHIB area for the foreseeable future. The meme token already reached the upper limit of this range during the decline almost a week ago, and then the bulls got in on the action by buying up SHIB and sending quotes up almost 14.3%. .
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A retest of the current crypto market conditions is not excluded, and here the block can serve as a space for the accumulation of SHIB prices. Additionally, the Shiba Inu either the token will form a local bottom here, or if the sell-off continues and the block breaks down, SHIB price could threaten to fall to $0.0000145 per token, where the next support area plus or less clear.