• Shiba Inu (SHIB) has just 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 last death cross occurred in February 2022 and SHIB is down 24% in the last 30 days.
• Despite this decline, Shiba Inu have gained more and more popularity, resulting in an increase of partnerships, collaborations, and listings.
What is a Death Cross?
A death cross is a technical indicator that occurs when the daily moving average (MA) 50 crosses below the MA 200, suggesting a bearish signal. This pattern on the SHIB chart had not been seen since February 2022.
Recent Performance of Shiba Inu (SHIB)
Shiba Inu dropped in price recently during the last death cross formation in February 2022 when it was hovering around $0.000026 to $0.000028. On Feb 4th 2023 it reached its peak at $0.0000159 before slowing down due to market conditions and forming its first golden cross of the year – which indicates a positive trend – however it now sits at $0.000008762 with 0.57% drop over 24 hours and 24% decrease over 30 days despite meme coin frenzy happening across crypto markets worldwide .
The Growing Popularity of Shiba Inu
In recent years, Shiba Inu have gained more and more popularity, resulting in an increase of partnerships, collaborations and listings; elevating it to become one of the most popular meme coins out there with an active community following known as ‘the SHIB army’.
Implications for SHIB
Given that this pattern has not been seen since early 2022, investors are concerned about what this means for SHIB’s future performance as well as digital assets overall given their correlation to traditional markets . It remains to be seen how long-term investors will react to this news and if this will affect other meme coins within the space too .
Whilst we can see from past patterns that prices can fluctuate wildly after experiencing death crosses , ultimately only time will tell what effect these events have on digital asset prices going forward . Long term investors should consider all factors before making any investment decisions based on short term trends or indicators such as this one .