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Will SHIB Trigger a Death or Golden Cross? All Eyes on Upcoming Crossover
Shiba Inu (SHIB) is positioned to generate a significant technical signal on its daily chart within the coming days, as the cryptocurrency navigates broader market volatility. This development occurs amid continued selling pressure across the cryptocurrency sector, with market participants closely monitoring chart patterns for directional clues.
The cryptocurrency market experienced extended selling pressure at the week’s start, driven by ongoing macroeconomic concerns among investors. The sell-off intensified during Monday’s trading session, resulting in $809 million in liquidations across the cryptocurrency sector over a 24-hour period.
Shiba Inu participated in this broader decline, dropping from $0.00001313 to $0.00001183, marking the third consecutive day of losses since August 22. The token showed modest recovery during early Tuesday trading, reaching $0.00001225, though it remained in negative territory for the session.
Technical Formation Develops on Daily Chart
Market analysis reveals that Shiba Inu is approaching a major moving average crossover on its daily timeframe. The 50-day simple moving average (SMA 50) and 200-day simple moving average (SMA 200) have converged and are expected to intersect within approximately two days.
Technical analysts typically view such crossovers as significant trend indicators. Historical data suggests that when Shiba Inu experiences a death cross formation, where the shorter-term moving average crosses below the longer-term average, the token often establishes price bottoms following periods of decline and consolidation.
Conversely, golden cross patterns, where the SMA 50 crosses above the SMA 200, have historically coincided with upward price movements for the token. Traders are monitoring which type of crossover materializes to gauge potential market direction.
Current Market Performance
At the time of analysis, Shiba Inu was trading at $0.00001223, representing a 0.42% decline over the previous 24 hours and a 3.17% decrease for the week. The token’s performance reflects broader cryptocurrency market conditions, with many digital assets experiencing similar pressure.
Industry Recognition on International Dog Day
The cryptocurrency community marked International Dog Day with tributes to the sector’s canine-themed tokens. Major cryptocurrency exchange Coinbase acknowledged the occasion by honoring Kabosu, the Shiba Inu dog that inspired the DOGE meme, who passed away in May 2024.
Coinbase stated: “This International Dog Day, we remember the OG. Your spirit lives forever onchain.” This recognition highlights the cultural significance of dog-themed cryptocurrencies within the broader digital asset ecosystem and their connection to internet culture and meme communities.
