Shiba Inu just flashed a “death cross” on the lower timeframes, and as usual, the chart has split traders into two camps.
Right now, SHIB is trading slightly below $0.0000060 after sliding under several short-term moving averages. On February 23, the 200-period simple moving average crossed above the 50-period moving average on the 2-hour chart.
In technical analysis, that crossover is widely seen as a bearish signal. It suggests that recent price momentum has weakened enough for longer-term averages to overtake shorter ones.
But here’s the thing: death crosses don’t appear out of nowhere. They usually show up after the damage has already been done.
Why the Signal Matters
SHIB had already formed a similar crossover on the 1-hour chart days earlier. The latest signal on the 2-hour timeframe simply confirms that short-term structure has been leaning bearish for a while. Price has been making lower highs, and each bounce has struggled to build strength.
The important level right now is $0.0000060. That zone previously acted as demand, drawing in buyers during earlier dips. SHIB briefly bounced above $0.0000061, but buying pressure faded quickly. There hasn’t been a strong follow-through.
If this support breaks decisively, the next areas to watch sit around $0.0000057 and then $0.0000050. Those levels have seen reactions in the past, but every time a support level gets tested, it weakens a little more. A clean breakdown could open the door to a faster move lower.
On the upside, resistance sits near $0.0000066, with heavier supply around $0.0000072 and $0.0000078. For any real recovery to take shape, SHIB would need to reclaim those zones and climb back above its short-term moving averages. Without that, rallies risk turning into short-lived relief bounces.
It is also important to remember that death crosses are lagging indicators. They confirm what has already happened. They do not guarantee that a fresh crash is coming. Sometimes they appear right before a short squeeze or bounce, especially if the market is already stretched to the downside.
At this point, SHIB is at a technical crossroads. The chart looks fragile, but the $0.0000060 level is still in play. Whether it holds or breaks will likely decide the next meaningful move.
FAQs
Recovery depends on reclaiming $0.0000066 and holding support. Without that, rallies may remain short-term relief bounces.
Yes, if $0.0000060 fails decisively, downside momentum could extend toward the $0.0000050 support region.
Short-term structure leans bearish due to lower highs and the death cross, but support at $0.0000060 remains critical.
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