Shiba Inu Experiences Death Cross Configuration, Yet Exceptions Exist
In the world of cryptocurrency, the popular meme coin Shiba Inu (SHIB) has experienced a 0.68% decline over the past 24 hours, pushing its current price to $0.00001214. This slip could potentially see SHIB retesting the $0.00001165 support level if ecosystem bulls fail to act.
The bearish trend is further confirmed by the formation of a "death cross" on SHIB's 9-day and 26-day moving averages. This technical signal, which often indicates a weakening market and the end of a rally, has sent shockwaves through the Shiba Inu community.
The price crash from an intraday peak of $0.00001244 to its current levels has been a cause for concern. However, the increased trading volume of $221.76 million, up by 17.25%, could potentially catalyse a push for a possible reversal.
Interestingly, a 300% increase in big-money transfers has been observed ahead of a key SHIB price test. This surge in activity could suggest that whales are positioning themselves for potential gains or losses.
However, the burn rate, a key deflationary mechanism for Shiba Inu, has plummeted by over 98% in the last 24 hours. This decline could substantially increase selling pressure and contribute to a further price drop.
The Shiba Inu Team has issued an urgent security alert to the SHIB Army, but there is no information available about who issued the last warning regarding the token's security.
Despite these bearish indicators, it's important to note that the trading volume has increased despite the death cross formation. This could be a sign of resilience in the face of adversity, but it could also indicate a free fall in price unless there is a shift in market momentum.
The current state of affairs leaves Shiba Inu at risk of adding a zero to its price until a significant rebound occurs. Cryptocurrency enthusiasts and investors will be eagerly watching the developments in the Shiba Inu ecosystem over the coming days.
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