The popular meme cryptocurrency, Shiba Inu (SHIB), has experienced a significant drop in price, losing almost 20% since its January high. The price chart for SHIB indicates that this decline could just be the beginning of further losses. A death cross pattern has formed on the 12-hour price chart, where the smaller moving average is falling while the larger one is rising. This pattern has resulted in SHIB's price continuing to fall, losing over 11% in the following day and a half. Currently trading at $0.00002, SHIB is on the verge of breaking an important psychological and technical price point. If this point is broken, the price could decline further by 7.33%. In the short term, there are two scenarios for SHIB, neither of which are positive. The first scenario involves SHIB maintaining its current levels, without any decisive movement from bears or bulls. The second scenario would require extreme oversold conditions for buyers to enter the trading market, potentially reaching levels similar to last year's sell-off. Despite these negative indicators, it is worth noting that the death cross pattern formed in a lower time frame, suggesting it may not last for an extended period of time.



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