Shiba Inu has gained significant popularity in recent years, leading to the formation of a strong community of SHIB supporters. Its rise to the rank of the second-largest meme coin is the consequence of a variety of developments that have contributed to its rise in popularity. Shiba Inu has amassed a huge number of affiliations, teams, and listings over the years.
SHIB recently displayed a technical indicator called a “death cross” on its chart, in which the daily moving average (MA) 50 crossed below the MA 200, indicating an unfavorable signal.
Concern should be expressed about the pattern that has been noticed on the SHIB chart, which has not been observed since February 2022. After this pattern, the price of the digital asset decreased over a period of months, in keeping with the general downward trends in the market.
Shiba Inu price plummets
The price of SHIB was essentially unchanged during the last death cross creation in February 2022, ranging from $0.000026 to $0.000028. Shiba Inu experienced a strong spike in 2023, reaching a top of $0.0000159 on February 4. Shiba Inu followed up with its first golden cross of the year as the energy slowed down after this upswing.
When the MA 50 crosses over the MA 200, it forms the golden cross, which is the reverse of the death cross and is typically regarded as a bullish sign. SHIB is now trading at $0.000008741 according to CoinMarketCap, down 1.57% in value in the last day. Even in the midst of the meme currency frenzy, SHIB has decreased by 25% over the past 30 days.