Shiba Inu (SHIB) on Verge of Back-to-Back Death Crosses: Possible Scenarios

Shiba Inu Faces Bearish Technical Signals as Downward Pressure Mounts

The Ethereum-based meme coin Shiba Inu (SHIB) is under increasing pressure following a concerning technical signal on its four-hour chart. Earlier this week, the cryptocurrency formed a "death cross," where its 23-day moving average dropped below the 200-day moving average. This triggered a rapid 7% price decline, further fueling bearish sentiment in the meme coin market.

This isn't an isolated incident—another significant death cross is looming. The 50-period moving average is approaching a crossover below the 200-period line, a development closely watched by traders. Historically, this 50/200 death cross has signaled extended downtrends. A similar pattern in April resulted in an 18% price drop over six days.

At present, Shiba Inu trades around $0.00001330, down from its recent level near $0.00001440. The technical breakdown occurred after SHIB failed to reclaim its short-term moving averages, all of which now show downward momentum.

The challenges for SHIB may continue as meme coin sentiment remains weak. Without a shift in market conditions, Shiba Inu could face further struggles as we move into early June.

Traders should monitor the pending 50/200 death cross closely. If confirmed, it could intensify selling pressure and potentially push prices toward the lower levels seen earlier this year.