What Does it Mean for SHIB?

• Shiba Inu witnesses the First Death Cross of 2023.
• The last death cross occurred in February 2022.
• SHIB is down 24% in the last 30 days.

In recent years, Shiba Inu have gained more and more popularity, and as a result, the SHIB army community has grown to be a powerful force. This increase in popularity is the result of a number of developments, which have elevated it to the position of the second-largest meme coin. Shiba Inu has racked up a ton of partnerships, collaborations, and listings throughout the years.

Shiba Inu (SHIB) recently experienced a technical indicator known as a “death cross” on its chart, where the daily moving average (MA) 50 crossed below the MA 200, suggesting a bearish signal.

The observed pattern on the SHIB chart, which has not been seen since February 2022, is a cause for concern. Following this pattern, the digital asset experienced a decline in price over several months, aligning with the overall negative movements in the market.

Shiba Inu dropped in price recently

During the last death cross formation in February 2022, the price of SHIB was hovering around $0.000026 to $0.000028. In 2023, Shiba Inu witnessed a significant rise, reaching a peak of $0.0000159 on Feb. 4. Following this rally, the momentum slowed down, and Shiba Inu formed its first golden cross of the year.

The golden cross, which is the opposite of the death cross, occurs when the MA 50 crosses above the MA 200 and is generally considered a positive indicator.

According to CoinMarketCap data, SHIB is trading at $0.000008762 with a 0.57% drop in value over the last 24 hours. SHIB is also down by 24% in the last 30 days, even amidst the meme coin frenzy.