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Shiba Inu has completed a "death cross" pattern on its two-hour chart even as the broader market faces volatility with nearly half a billion dollars in liquidation.
The crypto market is facing selling pressure early Monday session as renewed trade tensions and tariff uncertainty weigh on risk assets.
In the last 24 hours, a total of $485 million has been liquidated across the crypto market, according to CoinGlass data. In this time frame, the crypto market shed another $100 billion in value, according to CoinGecko data.
Shiba Inu, alongside the majority of cryptocurrencies, fell as the market continued to trade in line with broader macro and trade headlines. At the time of writing, Shiba Inu was down 1.59% in the last 24 hours to $0.00000614, extending weekly losses to 7.41%.
Shiba Inu forms death cross as price tests key support
Shiba Inu created a "death cross" pattern on the two-hour chart as the 50 MA fell below the 200 MA.
This appearance of this technical signal came as Shiba Inu saw a sharp plunge to a low of $0.00000590 on the two-hour chart.
Shiba Inu appears to be confirming the $0.00000590 low as support as its price rebounded thereafter and now trades at $0.00000614 at press time.
As seen on the daily chart, Shiba Inu's drop from Feb. 21 is entering its third day. This follows a broader market decline, which analysts say was contributed largely to by weak liquidity and low conviction on the market.
The next resistance targets for Shiba Inu lie at $0.00000733 and $0.00000968. Support lies at $0.00000590 ahead of $0.00000575.
The broader crypto market recovery will be watched with respect to the Shiba Inu price rebound; analysts believe digital assets are more likely to move with broader risk sentiment rather than on purely crypto specific catalysts.