The post Mini Death Cross Formed, Dogecoin (DOGE) Plummeting Finally Stops, Bitcoin (BTC) Actually in Downtrend? appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. A mini death cross has just been formed by Shiba Inu, suggesting that there may be bearish momentum ahead. An important technical event that has the potential to prolong the current downward trend is the crossover between the 26 EMA and the 200 EMA. This crossover is a significant bearish indicator that frequently signals the beginning of more significant corrections, even though it is not as frequently watched as the 50 EMA and 200 EMA death crosses. In a traditional death cross, long-term bearish momentum is indicated when the 50 EMA crosses below the 200 EMA. Though it may serve as a leading indicator for a more significant price decline, the 26 EMA crossing below the 200 EMA indicates short-term bearish sentiment. This crossover indicates that SHIB may be under more downward pressure and is having difficulty sustaining its prior uptrend. SHIB is currently trading at about $0.00001942, indicating a modest rebound from its most recent lows. However, a breakout might be challenging due to several resistance levels up ahead. First, short-term resistance at $0.0000206 is in line with the 100 EMA. A stronger resistance level that SHIB needs to breach in order to halt the decline is $0.0000217. The critical level at which SHIB previously lost momentum was $0.0000223. SHIB/USDT Chart by TradingView On the downside,…