Shiba Inu Death Cross Triggers Debate Over Potential Price Direction

Shiba Inu's price has triggered a 'death cross' on lower timeframes, sparking debate among traders about the cryptocurrency's potential direction.

The signal is typically seen as a bearish indicator, suggesting that recent price momentum has weakened and longer-term averages are taking over. However, this does not necessarily mean that a crash is imminent.

A decisive breakdown of the $0.0000060 support level could lead to a faster move lower, with potential targets around $0.0000057 and $0.0000050. On the other hand, reclaiming resistance near $0.0000066 and holding short-term moving averages could pave the way for a recovery.

It's worth noting that death crosses are lagging indicators, confirming what has already happened rather than predicting future events. They may appear before a short squeeze or bounce, especially if the market is stretched to the downside.