Shiba Inu May Continue To correct Sharply As The Death Cross Forms
Shiba Inu (SHIB) specifically developed its first Death Cross in 2023. This pattern also occurred after the 50 daily moving average (MA) recently fell below the 200 MA. The Death Cross is a technical chart pattern that indicates the possibility of a significant sell-off. When the short-term moving average (50-day SMA) crosses below the long-term moving average (200-day SMA), the Death Cross occurs. Since February 2022, the Death Cross has not shown on the SHIB chart.
Shiba Inu had a price surge in 2023, reaching $0.000016 in early February, a year after this pattern emerged. The bull run then established its first golden cross. The opposite polarity of the death cross is unnerving at this time of year. On the daily SHIB chart, this bullish signal occurs when the MA50 crosses above the MA200. Several digital assets were oversold during the most recent market correction. The SHIB suffered the same fate and cleared the stage for the first death cross to develop in 2023. The symbolism of the death cross may change depending on where the price goes from here. It is vital to highlight that the death cross is frequently seen as untrustworthy.
Source
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