SHIB Forecast: A Death Cross Endangers Recovery as Crucial Support Falters

crypthub

about 13 hours ago

Death Cross Formation

On February 23 the 2‑hour SHIB/USD chart showed a death cross, with the 200‑period SMA moving above the 50‑period SMA. This bearish signal followed a similar cross on the 1‑hour chart from February 19, indicating a shift in momentum across timeframes. The crossover appeared after a sharp 4.2% red candle, accelerating the sell pressure. Technical traders view this as confirmation that short‑term weakness now dominates the longer‑term trend.

Implications for Trend

While critics note that moving‑average crosses lag price action, history shows that once a death cross spreads to higher timeframes it often precedes sustained downtrends. If the pattern migrates to the 4‑hour, daily or weekly charts, bearish momentum could strengthen further. For now SHIB trades below all major moving averages, making any rise appear more like a temporary relief rally than a true reversal.

Support Test and Current Price

The death cross sparked an immediate sell‑off, pushing SHIB to the $0.0000060 support zone before buyers briefly lifted it to $0.00000614. Broader macro uncertainty and risk‑off sentiment quickly pulled the price back to the same support level. As of the latest data, SHIB sits around $0.00000592, down about 1.56% over the past 24 hours, and its ability to hold this support will dictate near‑term direction.