After Shiba Inu showed a Death Cross on its graph a few days ago, there now seems to be renewed optimism for this meme coin. Shiba Inu is preparing for a possible comeback.

A few days ago, a death cross appeared on the Shiba Inu price chart. This pattern occurs when the 50-day moving average (MA) falls below the 200-day MA.

Historically, this development leads to the necessary declines, hence the name death cross. In the case of Shiba Inu, this quickly led to the necessary loss.

Shiba Inu drops below $0.000015

Since the death cross pattern emerged on the Shiba Inu price chart, there has been a significant decline. A drop that has now brought Shiba Inu to below $0.000015.

With its current value of $0.0000148, Shiba Inu has now fallen 7.27% compared to last week. Since yesterday alone, Shiba Inu has already lost more than 5% of its value.

Shiba Inu price graph (7 days) – source: CoinMarketCap

However, the death cross pattern does not appear to be the main reason behind these losses. On Friday, news broke that $1.5 billion had been stolen from the Bybit exchange. In response to this theft, the entire crypto market quickly went into the red.

This news initially caused the Shiba Inu price to drop below $0.000015 as well. However, Shiba Inu managed to make up for a large part of these losses over the weekend. Today’s decline has caused Shiba Inu to drop below the important $0.000015 mark.

However, crypto analysts remain positive and now see $0.00003 as a realistic target as soon as the bullish momentum around SHIB increases.

Crypto analysts are talking about a target of $0.00003

According to crypto analysts, the current downward trend can only be short-lived. Analysts believe the worst of the Death Cross pattern is already over and a breakout could happen soon.

If the Shiba Inu price is able to start moving upwards, it will have to contend with the 50-day and 200-day SMA. The 50-day SMA of Shiba Inu is around the $0.18 level, while the 200-day SMA is around the $0.19 level.

As soon as the SHIB rate is able to convert these SMA levels into support, there could be an increase towards the intended target of $0.00003.

In the case of a continued consolidation, support can be expected at $0.0000147. If this support does not hold, further support can be expected at $0.0000142.

Although crypto analysts are optimistic about the near future of Shiba Inu, the question remains as to when this bullish momentum will actually take hold in the SHIB market. With this uncertainty in mind, investors will therefore also look for other alternatives with more potential in the short term. One of these alternatives is Solaxy.

Solaxy is the first Layer 2 solution of the Solana blockchain. Although the Solana blockchain is known for its efficiency, its large size also means it is increasingly associated with problems. Solaxy was created to solve these problems. With Solaxy, users can benefit from faster transactions that are less likely to fail.

Solaxy also combines the efficiency of Solana with the liquidity of Ethereum to offer its users even more benefits. Now that the native SOLX token is still in its presale phase, users also have the opportunity to get in on this promising project at a considerable discount. Users who join today will not only benefit from the lowest possible price, but also from attractive staking rewards.