Shiba Inu price movements have caught attention as the market navigates recent downturns. Despite a looming death cross, analysts suggest a possible reversal instead of a decline. SHIB has rebounded slightly, hinting at unexpected slight bullish strength. Market recovery trends and technical patterns could influence its trajectory, positioning Shiba Inu price for a potential surge.
Shiba Inu Price Death Cross Could Spark 20% SHIB Rally Instead of Drop
The latest Shiba Inu price movement shows a potential shift despite a bearish death cross on the daily chart. The move of the 50-day moving average beneath the 200-day moving average indicates negative market momentum. However, indicators suggest a possible price rebound instead of a sharp decline.
The same technical pattern in mid-2023 caused a 47% decline yet the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show weak bullish cross signals currently. The technical indicators suggest a reduction in selling power as part of their assessment of an upcoming market turnaround.
The SHIB price has established an descending wedge formation which frequently leads to price breakouts. Both technical indicators show the RSI above its oversold zone and an increasing MACD histogram indicates market momentum is rising. Support at $0.00001266 for Shiba Inu price prediction may unleash a price gain that extends above $0.00001690.
Breaking the immediate resistance at $0.00001438 may accelerate the uptrend, reversing the recent bearish trend.
As of Wednesday, the SHIB price has seen a slight surge, Currently at $0.00001418, with 3% surge.
Shiba Inu Price Rises Amid Market Recovery
The price of Shiba Inu might experience upward growth because the broader crypto market recovers after Bitcoin and Ethereum show increased value. The value of Shiba Inu would potentially rise if Dogecoin, alongside Pepe tokens and WIF, experience price increases.
The recent SHIB burn could also contribute to a price surge. Over the past 24 hours, 2,102,247 SHIB tokens were removed from circulation, marking an 18.21% burn rate increase. This reduction in supply could impact market sentiment.
The future movement of SHIB depends on general market trends alongside increasing demand for meme-based assets. The token likely will continue moving up together with broader market trends provided bullish momentum remains steady.
To sum up, the Shiba price may defy expectations, with a possible rally instead of a drop despite the looming death cross. Market trends, technical indicators, and increased buying pressure could fuel a 20% surge. If resistance breaks, the SHIB price might extend gains, following broader crypto momentum and strengthening investor confidence.
The post Here’s Why Shiba Inu Price Death Cross Might Trigger 20% SHIB Rally Instead of Crash appeared first on CoinGape.
