The Shiba Inu (SHIB) price chart displayed the first-ever death cross on a weekly timeframe, and price action is now testing a crucial support level. While some investors debate how far the meme coin may drop, others believe it could bounce significantly from the support level. Many traders consider the recent death cross a bearish signal.
In stark contrast, during this time, Mutuum Finance (MUTM) has continued to grow on a fundamental level and is currently in the middle of a presale that is expected to sell out rapidly, capturing the attention of this emerging DeFi platform. For investors targeting projects with real utility and designed for fundamental growth, the asset has quickly jumped to the top among the best crypto to buy now.
Shiba Inu Meets Market Challenges
For the first time in its history, Shiba Inu has entered the death cross phase in the weekly charts, where the moving average for the 50-week intersect the moving average for the 200-week, signaling a bearish trend, while some moving averages trend in the opposite direction for a prolonged time. As a result, SHIB’s price has fallen, resulting in pressure on the range of support for $0.000008 and $0.000009.
Not holding such support would pressure the next level of support of $0.0000060 where the bulls next likely would be. As some call the death cross a predictor, the bearish market for meme coins has motivated some in the market to consider other coins with stronger operational projects.
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