SHIB Prices Plunge Following First Death Cross of 2023
• Shiba Inu recently experienced a technical indicator known as a “death cross” on its chart, where the daily moving average (MA) 50 crossed below the MA 200, suggesting a bearish signal.
• The observed pattern on SHIB’s chart has not been seen since February 2022 and is causing concern.
• SHIB is trading at $0.000008762 with a 0.57% drop in value over the last 24 hours and down by 24% in the last 30 days.
Shiba Inu Witnesses First Death Cross of 2023
Shiba Inu (SHIB) recently experienced a technical indicator known as a “death cross” on its chart. This occurs when the daily moving average (MA) 50 crosses below the MA 200, which suggests a bearish signal.
What Does it Mean for SHIB?
The observed pattern on SHIB’s chart has not been seen since February 2022 and is causing concern. Following this pattern, the digital asset experienced a decline in price over several months, aligning with the overall negative movements in the market.
Current Price of SHIB
According to CoinMarketCap data, SHIB is trading at $0.000008762 with a 0.57% drop in value over the last 24 hours. SHIB is also down by 24% in the last 30 days, even amidst the meme coin frenzy.
Increased Popularity of Shiba Inu
In recent years, Shiba Inu have gained more and more popularity, and as a result, the SHIB army community has grown to be a powerful force. This increase in popularity is due to several developments that have elevated it to become one of the largest meme coins.
< < h2 >Recent RallyShiba Inu witnessed a significant rally reaching up to $0.0000159 on Feb 4th following which momentum slowed down forming its first golden cross of year which generally considered positive indicator.