- Shiba Inu meme coin ranks second on the CoinMarketCap trending list.
- SHIB loses its battle with the bears during the course of the past week.
- Previous death cross depreciates SHIB value by 13% while the present value rips off 7%, more losses are anticipated.
Shiba Inu (SHIB), the meme coin was only second to the token SingularityNET on CoinMartketCap trending list. Although SHIB won second place in the trending list, the meme coin has had a great week. The token was able to stay in the green zone above its opening market price of $0.0000130 for just a few hours.
SHIB fell from $0.00001316 to $0.00001212 at the beginning of the third day of the week. Notably, there was an increase in the 24-hour trading volume for a brief period of time on the third day.
During the course of the third day, the token found some momentum and started consolidating. It was able to stay in the green zone for a brief second before it started its descent. After this surge, SHIB lost its battle to the bears, as it tanked deeper into the red zone. It made lower-highs and lower-lows throughout the next few days. Currently, SHIB is down by 3.26% and is trading at $0.000012.
SHIB/USDT 7-Day Trading Chart (Source: CoinMarketCap)
SHIB is currently trading in a bullish pennant. Although the token has been making lower-highs, the bulls did not let the bears run rampant. Hence, SHIB was able to keep away from reaching lower-lows as shown below.
SHIB/USDT 4-hour Trading Chart (Source: TradingView)
The 50-day Moving Average (MA) has crossed the 200-day MA from above, as such a Death Cross has happened. However, the death cross seems to have less effect on the prices of SHIB, when compared to the previous death cross. The previous death cross in December 2022 costed a decline of approx. -13% loss to its value while the present has just ripped off 8% of its price. So the question is, is SHIB showing resiliency or does the token have more losses to incur in the future?
SHIB/USDT 4-hour Trading Chart (Source: TradingView)
When further comparing the previous death cross with the present death cross, the previous death was followed by a bearish pennant while the present is followed by a bullish pennant. A similarity that could be spotted with both crosses is that the Bollinger bands were constant, as SHIB exited the pennant.
Moreover, SHIB tanked after exiting the bearish pennant and it took another Golden cross to help SHIB climb up. So the intuitive question is, does SHIB need another Golden Cross to get going? Or will the bulls push SHIB higher as it exits the pennant? Since there is uncertainty in the market, it may be a wise decision for traders to first test uncharted waters.
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