Shiba Inu (SHIB) and the broader cryptocurrency market have been experiencing selling pressure in the last 24 hours. SHIB specifically has shown a bearish technical pattern called a "death cross," where the short-term moving average crosses below the long-term moving average. This indicates potential further declines for SHIB. The cryptocurrency market's profit-taking and volatility have resulted in the liquidation of millions of dollars in derivatives. SHIB has seen significant losses, down 6.46% in the last 24 hours and 7.10% for the week. While the death cross may suggest bearish momentum in the short term, it is a lagging indicator and traders should consider other technical indicators for a more accurate prediction. Observing price action and a decisive break above certain levels will determine SHIB's next price direction.



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