Shiba Inu printed a death cross on its hourly chart this week, a technical signal that emerged amid a broader crypto market sell-off. Over $441 million in trading positions were liquidated overnight, putting pressure across digital assets. The pattern formed as the 50-period moving average dropped below the 200-period moving average on the one-hour timeframe, a classic bearish signal that often precedes further short-term downside.
The sell-off followed the year’s largest options expiry event for Bitcoin and Ethereum. Roughly $14 billion worth of Bitcoin options expired Friday, measured by open interest. Traders shifted to defensive positions ahead of and after the expiry, contributing to the broad market weakness. Investor outflows from crypto exchange-traded funds added further selling pressure, reinforcing the cautious mood across the sector.
SHIB Price Battles Key Resistance Levels
Shiba Inu declined for three consecutive days beginning March 25. The drop was driven by profit-taking as investors weighed persistent macroeconomic headwinds. The death cross formed during this stretch of selling.
At the time of writing, SHIB traded at $0.00000577, down 2.18% over the past 24 hours. The token rebounded from a low of $0.00000571, suggesting buyers stepped in at that level. Whether that floor holds will be a key factor in determining SHIB’s short-term direction.
The immediate challenge for SHIB is the one-hour 50 MA, which now acts as resistance. Price has stalled near this barrier during the current relief rally. A clean break and close above the 50 MA would open the path toward the one-hour 200 MA, currently sitting at $0.00000596. That level represents the next meaningful target for bulls attempting to reclaim momentum.
Until SHIB clears these resistance zones with sustained buying, the relief rally remains fragile. Traders are watching closely for confirmation that $0.00000571 has been established as solid support. A failure to hold that level could expose SHIB to fresh downside.
Source: https://coinpaper.com/15812/shiba-inu-death-cross-forms-as-441-m-crypto-liquidations-rock-the-market
