Shiba Inu is forming a mini-death cross, indicating that bearish momentum may be ahead. A key technical event that could extend the current downtrend is the crossover of the 26-EMA and 200-EMA. This crossover is not seen as often as the "death cross" between the 50-EMA and 200-EMA, but is an important bearish indicator that may signal the beginning of a larger correction.
In a traditional "death cross, when the 50-EMA falls below the 200-EMA, long-term bearish momentum may be ahead. This indicates a long-term bearish momentum. This could be a leading indicator of a broader price decline, while a 26-EMA cross below the 200-EMA indicates short-term bearish sentiment. This crossover indicates that #SHIB may be under downward pressure and trying to hold on to its previous uptrend.
SHIB is currently trading near USD 000001942, indicating a moderate rebound from recent lows. However, a breakout will be difficult due to several resistance levels. First, the short-term resistance at $000000206 coincides with the 100-day EMA; the stronger resistance level that SHIB must overcome to stop the decline is at $000000217. Earlier, the key level where SHIB lost momentum was $BTC SHIB (SHIB): a mini-desk of losses has formed, #Dogecoin (DOGE) decline has finally stopped, is #bitcoin (BTC) really in a downtrend?
If selling pressure intensifies, the following levels may provide support. The last local low, which did not last long and was followed by a small rebound, was at 00000180 USD; SHIB needs to maintain stronger support at 00000175 USD to prevent further sharp decline. The last important support level is at $00000160, and a break below this level could lead to a more serious fall.
This mini "death cross" formation indicates that the recovery will not last long unless SHIB retests the $00000117 level.
Unless buyers intervene, the downtrend could continue and retest the level below $00000180. This cross indicates a change in momentum that traders should keep an eye on, but it is not as powerful as the 50-200 EMA "death cross" Future trading sessions will be important to see if SHIB can overcome resistance or continue to fall. Strong support at $ 0.
Read us at: Compass Investments