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Shiba Inu Coin (SHIB) recently formed its first death cross on the 3-hour chart, with the 50-day moving average approaching below the 200-day moving average. Speaking of this signal, it's not unfamiliar — it accurately predicted SHIB's dip to a low of 0.00000681 USD in mid-December last year.
Currently, SHIB is trading around 0.00000782 USD. Although it has slightly increased by 0.09% in the past 24 hours, this week's decline has reached 10.02%, indicating overall weakness. Interestingly, a dragonfly doji pattern has appeared on the daily chart, which often signals a potential reversal.
From a technical perspective, resistance is tightly held at the 50-day moving average of 0.000008 USD, while support depends on whether 0.00000688 USD can hold steady. These two levels will be the key in the coming period.