Shiba Inu plummets after death cross: Where will SHIB price go?

SHIB Bears the Full Brunt of Market Uncertainty

The cryptocurrency market is going through an intense correction phase, and Shiba Inu is not being spared. Over the past 24 hours, more than $361 million worth of positions have been liquidated across the entire market, with an overwhelming majority being long positions ($294 million). This massive purge reflects overly optimistic positioning by traders heading into the weekend.

In this climate of fear, where the Crypto Fear and Greed Index stagnates at 27, SHIB is currently trading around $0.00000578, showing a decline of approximately 1.65% over the last 24 hours. Selling pressure has intensified, brutally invalidating recent rebound attempts and confirming the bearish trend.

The significant technical event marking this decline is the validation of a Death Cross on Shiba Inu’s weekly chart. The 50-period moving average (MA 50) has crossed below the 200-period moving average (MA 200).

Is Shiba Inu’s Key Support Level in Danger?

Technical analysis of Shiba Inu reveals a particularly fragile price structure. Recent breakout attempts have all failed below the psychological barrier of $0.000006. This zone, once considered a solid support, has now transformed into a formidable resistance that buyers are struggling to overcome.

If selling pressure persists, the next immediate support level sits at $0.00000562. A break of this critical threshold could trigger a new wave of panic and send SHIB toward annual lows. A potential further 50% drop between $0.0000044 and $0.0000032 still weighs on its price.

However, in a bullish scenario, stabilization above $0.00000562 would allow for consideration of an accumulation phase. To reverse this bearish dynamic, Shiba Inu must imperatively reclaim the $0.000006 zone with significant buying volume, thus opening the path for a potential bullish retracement.

How Far Can SHIB’s Price Go?

Shiba Inu’s current situation reflects the global uncertainty weighing on risk assets. With a crypto market plagued by doubt and massive liquidations cleaning out leverage, SHIB finds itself at a crossroads. The weekly Death Cross acts as a severe warning for traders looking to anticipate a premature bull run.

The coming days will be decisive for the memecoin’s trajectory. If the support at $0.00000562 gives way under seller pressure, the correction could deepen, forcing investors to reassess their price targets. Conversely, holding this level could offer an entry opportunity for the more daring betting on a technical rebound.

While volatility remains the watchword, the question arises for investors and network whales: is this the right time to accumulate Shiba Inu in the midst of the storm, or is the decline far from over?

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