SHIB Death Cross Sparks Heavy Liquidations — $0.0000051 Support at Risk
Shiba Inu (SHIB) has flashed a bearish death cross on the 30‑minute chart as the 50‑period moving average crossed below the 200‑period MA, reversing a prior short-lived golden cross and signaling increased short-term selling pressure. The technical shift occurred amid a broader market correction that produced a large derivatives liquidation event: more than $2.5 billion of leveraged crypto positions were liquidated within 24 hours, with over $2.1 billion in long positions wiped out. SHIB‑specific liquidations were roughly $1.07 million (mostly long positions). Price action shows lower highs and minor bounces, with SHIB trading near a key historical support zone around $0.0000051 (quoted near $0.00000596 at publication). Traders should monitor whether the $0.0000051 support holds — a breakdown could accelerate downside, while a sustained reclaim of key moving averages and broader market recovery would be required to restore a bullish outlook. This content is informational and not financial advice.
Bearish
The combination of a confirmed short‑term death cross on the 30‑minute chart and heavy market‑wide liquidations points to persistent short-term downward pressure on SHIB. Short-term indicators: the 50/200 MA cross, series of lower highs, and sizable SHIB long liquidations all favour further downside and increased volatility. Key technical support sits around $0.0000051 — a decisive breakdown below that level would likely trigger momentum sellers and further stop‑runs, accelerating losses. In contrast, a return to a bullish bias requires SHIB to reclaim and hold above the relevant moving averages and for the broader crypto market to stabilise; absent that, rebounds are likely to be short lived and susceptible to new selling. Over the longer term, fundamental drivers (ecosystem developments, broader market risk sentiment, and spot demand) will determine trend reversals, but the immediate price impact is negative given current technicals and liquidation pressure.