Common meme cryptocurrency Shiba Inu (SHIB) continues to defy logic. On Jan. 15, SHIB printed a textbook golden cross on the day by day chart by TradingView, the place the short-term 23-day easy shifting common broke above the 50-day one.
Normally, that may be a bullish signal — one which headlines love, bots chase and algos are programmed to purchase. As a substitute, the worth immediately dropped and, since then, SHIB misplaced greater than 12% of its value.
Now, there’s a twist, as those self same shifting averages are about to do the precise reverse: shorter-term 23-day rolling down, prepared to interrupt under the 50-day, forming a “loss of life cross.” It’s the bearish model of the identical sample that simply failed bullishly.
So, if a bullish cross led to losses, might a bearish one probably set off upside? There’s a likelihood it’d.
Shiba Inu’s “stranger issues”
If this certainly goes like that, the apparent value magnet is the 200-day EMA — all the way in which up at $0.00001018 and 32.7% above the present value stage for the Shiba Inu coin.
There may be extra to it than that. No main liquidation cluster is sitting above to behave as resistance, and on-chain SHIB flows present no wave of panic exits. Coinbase and Binance wallets haven’t been as energetic as regular, which factors to the concept that this dip was not attributable to derivatives however extra like a pure correction after that January surge.
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In different phrases, the golden cross faked bulls out, and now the loss of life cross would possibly lure the bears. It isn’t a method however some sort of “stranger issues” for SHIB — upside-down and to not be ignored.