These last two days were definitely something to enjoy for the holders of popular meme-inspired cryptocurrency Shiba Inu (SHIB). With the crypto market feeling revival, thanks to Bitcoin (BTC), the price of SHIB soared by over 11%, printing massive green candles on its chart.
From below $0.0000125 to as high as $0.0000139 today, the Shiba Inu meme coin is back in news headlines and bullish forecasts of analysts. But as it often happens in the crypto space, no single positive event comes without a shadow of negative, and SHIB is not immune to it.
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The talk in particular is about a death cross, which is quietly emerging on the weekly price chart of the beloved meme asset. For those not familiar, a death cross is a technical pattern that forms when the moving average of a small order crosses the moving average of a higher order from up to down.
Source: TradingView
In the case of SHIB, it's 23-day and 50-day price curves. Those two did not cross yet, but if a death cross will eventually form, this event may make the risk of a short-term decline more probable for the Shiba Inu coin. Last time something like this happened with the meme coin was in October 2024.
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Back then, the price of SHIB experienced a decline worth 18.4% within a week. What's interesting, however, is that after the decline, Shiba Inu went into a 54% bull rally right the next week and set a recent local high at $0.00003343 in December.
So, the situation is quite tricky. While a potential death cross carries the risk of a painful drop, it also does not exclude a scenario where SHIB goes to a higher high after a brutal sell-off.
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