Shiba Inu (SHIB) Update

Shiba Inu (SHIB) has shown positive movement after a recent death cross—an indicator typically suggesting bearish momentum. A death cross occurs when the 50-day moving average dips below the 200-day moving average.

For Shiba Inu, the daily 50-day SMA has fallen below the 200-day SMA, confirming this technical signal. Prior to this bearish trend, SHIB fell for four consecutive days before showing signs of a slight rebound.

As of this writing, SHIB is up 2.22% in the last 24 hours, trading at $0.00001555, recovering from lows of $0.000015 on February 19. Since then, Shiba Inu has recorded gains on three of the last four days.

The drop last Friday was attributed to market reactions to a theft of over $1.5 billion from the Bybit exchange, described as the largest crypto theft in history, which resulted in a red candlestick for SHIB. However, Shiba Inu rebounded during Saturday’s trading session and is maintaining this positive trend.

Will SHIB Rally Higher?

Despite the recent rebound, SHIB must surpass significant resistance levels to confirm a bullish trend. Key moving averages to watch are the 50-day at $0.00001821 and the 200-day at $0.00001926.

If SHIB can achieve this momentum, a rally towards $0.00003 or more may be feasible. Conversely, failure to maintain this upward trajectory could lead to further consolidation.

Although the death cross initially indicated bearish pressure, the recent recovery suggests that Shiba Inu might have reached a price bottom. This optimism stems from the fact that moving average crossovers are typically lagging indicators, often occurring when assets are oversold and primed for a rebound.

Traders are keenly observing whether the current rebound can transform into a sustained rally in the forthcoming days. Additionally, a general recovery within the crypto market would likely contribute to SHIB’s short-term price improvements.