Dog cryptocurrency Shiba Inu (SHIB) is trading in red as major cryptocurrencies fell amid broader risk-off sentiment at the start of December.
Shiba Inu fell to an intraday low of $0.00000789, extending its slide into the fourth day since Nov. 27, and was last seen around $0.00000796, down 7.23% in the last 24 hours.
Shiba Inu had attempted a rebound toward November’s close, reaching a high of $0.00000913 on Nov. 28, spurring expectations of removing a zero from its price tag.
However, a forced unwinding of the crypto market is pulling the SHIB price back to the lower end of November’s range, now trading below $0.000008, pausing bulls’ attempt to erase a zero from Shiba Inu’s price.
In the last 24 hours, nearly $637 million in leveraged positions were wiped out across major exchanges, extending losses on major cryptocurrencies. Thin liquidity and ongoing macro uncertainty have contributed to the recent sell-off on the market.
Shiba Inu completes hourly death cross
Amid the recent drop in the market, a death cross pattern, which occurs when a short-term moving average falls below the long term MA, has just appeared on the hourly chart.
SHIB/USD Daily Chart, Courtesy: TradingViewAn hourly death cross appearing on Shiba Inu’s price chart on the first day of December might not portray positive indications for its short-term price action, but hopes remain.
In a positive twist, a death cross might foreshadow a bottom as the price might have been oversold before the signal appeared.
The year 2025 has seen lackluster action for the SHIB price as it steadily declined upon reaching a high of $0.00003324 in December 2024. Shiba Inu only closed in the green in just two months this year, in April and July, when it recorded gains of 6.87% and 9.02%, respectively.
However, hopes remain as technical and historical trends suggest that Shiba Inu saw a sudden sharp rally after a prolonged period of decline, March 2024 for instance, when SHIB rallied 144%.
In the event of a rebound, Shiba Inu would target $0.00000943 ahead of $0.0000012, which would erase a zero from its price, while support is expected in the $0.000006 to $0.000007 range if the price declines further.
Source: https://u.today/shiba-inu-hits-hourly-death-cross-delays-erasing-zero
