- Shiba Inu shows a death cross on its daily chart, hinting at possible continued selling if market conditions remain weak.
- The token is trading between $0.00001698 and $0.00001107, with pressure increasing around the lower boundary of this range.
- A rise above $0.000014 could stabilize SHIB, but current sentiment reflects a lack of strong direction in the crypto market.
Shiba Inu (SHIB) has entered a technically sensitive zone following a key shift in its moving averages. The 23-day moving average has now fallen below the 50-day line on the daily chart. This crossover, often referred to as a death cross, is widely seen as a sign of weakening momentum. The formation typically points to a fading rally and could attract additional selling pressure if broader market sentiment does not shift upward quickly.
This technical development follows a failed attempt by SHIB to sustain gains achieved during July. Despite showing some strength, the token faced strong resistance slightly above $0.000015. Since then, SHIB has dropped back below its 200-day moving average and entered a consolidative phase. The price action has remained locked within a tight range, fluctuating between $0.00001698 as resistance and $0.00001107 as support.
Current Price Levels Hold Key
The lower boundary of this range has already been tested multiple times during the summer. Should SHIB slip below the $0.000012 level, this could trigger a deeper decline. A fall toward the long-standing support at $0.00001107 would then become more likely. Failure to hold that floor could lead to further downside moves. This risk zone reinforces the fragility seen across meme coins during uncertain market periods.
On the other hand, if SHIB manages to break back above short-term moving averages and climb past $0.000014, market sentiment could improve. That would open the door for a possible return to previous swing highs from July. However, recent activity suggests that neither buyers nor sellers are in firm control, leaving the asset in a neutral stance for now.
SHIB Mirrors Broader Market Patterns
The broader crypto landscape reflects similar uncertainty. Both Bitcoin and Ethereum continue to trade in narrow bands without clear directional momentum. SHIB’s movement appears to follow this trend, further contributing to the token’s sideways structure. Until a decisive move emerges from this range, traders may remain cautious.
