SHIB forms bearish 'death cross' on short-term charts Shibainu SHIBCommunity ShibArmy $SHIB
short-term price action might be in jeopardy as a negative moving average cross appears on its four-hour chart.
The moving average 50 of Shiba Inu's price crossed below the moving average 200 on the four-hour chart, forming a negative cross, or bearish"death cross."Although the pattern theoretically predicts a further sell-off, historical data may indicate otherwise. The Shiba Inu four-hour chart provides important information about its short-term price movement, with MA crossings occurring at price peaks and lows.Such a negative cross occurred in late August, and in the weeks that followed, the SHIB price dropped from a high of $0.00001483 on Aug. 25 to a low of $0.0000092 on Oct. 14. A positive cross was produced by the rise in late October, but the surge was brief because of the bearish market circumstances seen thus far in November.
Bahamas-based FTX has filed for bankruptcy in the past week following a liquidity crunch, sending shock waves across the entire crypto industry. Amid the crisis, the Shiba Inu team put out reassuring words for the community:"We stand here with you as we continue to grow and work together for a brighter future in which decentralization and DeFi innovations create new opportunities for the people, and we invite every crypto community to join us in this effort.
At the time of publication, SHIB was changing hands at $0.0000092, marginally down in the last 24 hours and likewise down 24% in the past week.
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