- Death cross forms on the 2-hour chart, strengthening bearish momentum.
- SHIB trades below major averages, limiting upside recovery attempts.
- Price hovers near $0.0000060 support as sellers maintain control.
Shiba Inu faces renewed selling pressure after a troubling technical signal appeared. A death cross formed on the 2-hour SHIB/USD chart on February 23, raising fresh doubts about any near-term recovery. Traders now question whether bulls can regain control. Price action looks fragile, and momentum clearly favors sellers. SHIB continues to trade below key moving averages, while buyers struggle to defend an important support zone that has already faced repeated tests.
Death Cross Deepens Bearish Outlook
The recent death cross formed when the 200-period simple moving average crossed above the 50-period average. This setup signals that short-term momentum has weakened against the broader trend. Technical traders often treat this pattern as confirmation that sellers dominate the market. A similar crossover had already appeared on the 1-hour chart on February 19, suggesting that bearish pressure had started building earlier.
Now that the signal has climbed to the 2-hour timeframe, concerns have grown stronger among short-term traders. The crossover followed a sharp 4.2% red candle that accelerated downside momentum. Sellers pushed price lower with force, leaving little room for buyers to stabilize the chart before the moving averages completed the cross. SHIB now trades below major averages, reinforcing a negative structure.
Under such conditions, upward moves often struggle to gain traction because overhead resistance limits progress. Many traders expect any bounce to face selling pressure near those averages. Some analysts argue that death crosses act as lagging indicators. Such signals confirm trends already underway rather than predict fresh declines. In this case, price had already started falling before the crossover appeared. Critics believe that reduces predictive value.
SHIB Clings to Critical $0.0000060 Support
Soon after the crossover formed, SHIB dropped toward the $0.0000060 support zone. Buyers stepped in and briefly pushed price up to $0.00000614, offering a short-lived rebound. That reaction showed demand still exists at that level. However, broader macroeconomic uncertainty has continued to weigh on digital assets, and risk appetite has weakened across the market.
Sellers regained control and forced another test of the same support area. This level has proven important before. On February 12, buyers defended similar territory and triggered a notable rebound. Traders now watch closely to see whether demand remains strong enough to absorb ongoing selling pressure. A solid defense could stabilize price and slow the current decline.
Failure to hold support, however, could invite a deeper pullback and damage short-term market confidence. At the moment, Shiba Inu trades around $0.00000592, reflecting a 1.56% decline over the past 24 hours. Momentum remains tilted toward sellers, and price structure shows little sign of immediate reversal. The coming sessions will likely determine whether SHIB can rebuild strength or slide into a broader breakdown.
