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Shiba Inu (SHIB) Price in Red as First Major Death Cross in 2025 Appears
Shiba Inu’s price has been plummeting since the beginning of January and is now down by a staggering 18.64% so far in February. The cryptocurrency market seems to be facing significant challenges, with SHIB being no exception.
The daily chart shows that Shiba Inu’s last moving average crossover was a golden cross, which occurred in November 2024. However, the most recent occurrence of a death cross before this time was in July 2024, when the cryptocurrency consolidated after reaching bottom lows of $0.000013. The consolidation phase led to a reversal and an upward trend.
The current situation is similar as SHIB has recently formed a death cross, which means the shorter-term 50-day SMA has crossed below the longer-term 200-day SMA. This type of occurrence often precedes a potential price bottom and a period of consolidation before making another move.
In the event that the current scenario unfolds with a decline in price and the formation of a new low, it’s possible to establish a price floor and consolidate for some time before resuming its upward trajectory.
On the other hand, if SHIB manages to rebound and climb above both daily moving averages (50 and 200-day SMAs) at $0.0000191 and $0.0000192 respectively, this would be seen as a sign of strength from bulls and potentially lead to a breakout from its current range trading.
The cryptocurrency market is known for being volatile, and no one can predict the future with certainty.
Source: u.today
