Shiba Inu Death Cross Hits SHIB Price, Another Zero Next?
Dog-themed cryptocurrency Shiba Inu has created a death cross on its three-hour chart. The short-term moving average (50 MA) has fallen below the long term MA, confirming a death cross, which is considered a bearish indication.The appearance of a death cross comes as major cryptocurrencies extended their losses in a volatile week, with about $140 billion in market value erased. 3 Hour Chart, Courtesy: TradingView">Cryptocurrency traders saw over $1.7 billion in liquidations on Monday, triggering a sharp sell-off that sent Bitcoin and other digital assets dropping. Shiba Inu fell to a low of $0.00001179 on Monday before slightly rebounding.However, the bears do not seem done with the move yet as Shiba Inu fell lower in the Thursday session, hitting an intraday low of $0.00001163. At press time, SHIB was down 2.55% in the last 24 hours to $0.00001193 and down 11% weekly.Another zero next?Shiba Inu has steadily declined since Sept. 13, when it reached a high of $0.00001484, reaching a low of $0.00001163 in the early Thursday session.The good news is that Shiba Inu is approaching the key support of $0.0000116, where the price rebounded in early August.If this is the scenario, the Shiba Inu price might rebound, avoiding adding a zero to its price tag. A decisive break above the moving averages might trigger a move toward $0.00001428 once more.According to Glassnode cofounders Negentropic, the crypto market might be close to a reversal as shorts are starting to crowd the market.On the other hand, major support is envisaged at $0.00001005, which has stopped Shiba Inu from adding a zero to its price tag since June.