The meme coin Shiba Inu (SHIB) recently faced a technical barrier it could not overcome, despite some early attempts. On the four-hour chart, the 23-period moving average crossed below the 50-period one — forming a local death cross — and the price reacted accordingly. A modest 2.65% drop followed the crossover, as SHIB failed to break out above this short-term structure.
To be clear, the crossover is not necessarily dramatic on its own. It is a common pattern, often appearing in ranging or fading trends. But what made it notable this time is that the price was already hovering near resistance, and the moving average rejection only reinforced that area.
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Shiba Inu tapped into the $0.00001194 zone — where both moving averages were clustered — and failed to hold. The price was last seen at $0.0000118.
Naturally, a few scenarios follow. One is a recovery path where SHIB reclaims the short-term MAs, consolidates and moves higher toward the next level around $0.000012. The other, more probable for now, is a continued slide toward support at $0.00001107 — a level that has been tested before and may attract demand again.
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This local failure does not change the bigger picture. The 200-period SMA is still above at $0.00001252, and the market structure has not shifted in any decisive direction. In fact, what we are seeing is a fairly common midrange rejection in a consolidating market.
No major volume spike, no breakout and no panic. Just a simple death cross met with some short-term selling.
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Whether this turns into a broader trend or stays confined to intraday volatility is something the next few sessions will clarify. For now, SHIB remains stuck between moving averages — technically speaking, neutral, leaning bearish.
Source: https://u.today/shiba-inu-shib-fails-to-surpass-local-death-cross-potential-scenarios