Shiba Inu Death Cross Appears on Daily Chart as Price Loses Support

CoinMarketCap data shows that in the last 24 hours, Shiba Inu is changing hands at $0.000005876, which represents a 1.63% decline within the period. This is slightly more than the broader crypto market pullback driven by Bitcoins price reversal.

Shiba Inus trading volume has also suffered a decline as it slipped into the red zone, down by 7.04% to $145.03 million within the same time frame.

Shiba Inus death cross sends the message that its momentum is weak and things could get worse. SHIB is likely to reverse the previous gains made in the last seven days and slip further down if nothing shifts.

However, on the positive side for SHIB, although the momentum is weak, selling pressure has not soared into the extremes. If the trading volume does not decline into double figures and the broader crypto market recovers, the meme coin has potential to rebound.

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Large SHIB transfers raise sell-off concerns

It is worth mentioning that market observers have spotted over 112 billion SHIB transferred to crypto exchanges in the last 48 hours. If those movements translate to a sell-off, it could worsen the price outlook for the meme coins recovery journey.

Shiba Inu‘s ability to ride out these bearish pressures and reclaim the $0.0000060 price level might determine its future trajectory. Failure to break out could see SHIB’s weekly rally fail.