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Shiba Inu (SHIB) Defies Death Cross: Possible Growth Scenarios
The cryptocurrency market has been witnessing a rollercoaster ride recently, with many assets plummeting due to various economic and regulatory factors. However, Shiba Inu (SHIB) has been bucking the trend by defying expectations of a potential “death cross” – a bearish signal that could have led to a downward spiral.
Currently, SHIB is in a precarious position as it balances between bearish technical signals and unexpected bursts of strength. It’s crucial for traders and investors to monitor this situation closely as any decisive move could be devastating or life-altering for the asset.
A “death cross” occurs when the 50-day simple moving average (MA) falls below the 200-day MA, a signal that is considered bearish in nature. However, SHIB’s recent performance has been anything but predictable. Despite being in an overbought position, it continues to defy expectations and push higher.
The current situation presents multiple possible growth scenarios for SHIB:
Firstly, if the asset can sustain its upward momentum while navigating through the impending resistance levels at around $0.0000125-$0.0000145, it’s entirely feasible that we could see a more significant surge towards $0.0000180 or higher.
However, the 50-day MA is still in an uptrend position and could potentially cross above the 200-day MA if SHIB continues to push forward. This would be considered a bullish signal and could lead to further gains for the asset.
The second possibility is that we see a correction towards $0.0000095-$0.0000110, which would provide some breathing room for buyers to accumulate and prepare for another leg up. This scenario carries significant risk as the bears may take advantage of any potential weakness.
Lastly, it’s essential to consider the probability of SHIB experiencing a sharp pullback in the region of $0.0000085-$0.0000103. If this occurs, it could provide an opportunity for long-term investors to accumulate more units at discounted prices or even initiate short positions depending on their investment strategies.
As we move forward and await any potential decisions from the cryptocurrency’s trajectory, I must admit that SHIB is indeed in a precarious position where its potential for growth or decline is equally plausible.
Source: u.today
