A Golden Cross pattern has appeared on Shiba Inu’s (SHIB) daily chart as the 50-day moving average crossed above the 200-day moving average, an event often interpreted by technical traders as
A Golden Cross pattern has appeared on Shiba Inu’s (SHIB) daily chart as the 50-day moving average crossed above the 200-day moving average, an event often interpreted by technical traders as a bullish indicator. This marks the first occurrence of such a crossover for SHIB since November 2024.
Despite the optimism surrounding this technical event, SHIB’s momentum quickly faded when it met aggressive selling pressure in tandem with a broader market downturn. The token saw a brief recovery from $0.00000550 and attempted to consolidate at $0.00000625 before dropping sharply. Over the last 24 hours, SHIB lost 5.72%, falling to $0.00000545 and now trading near the psychologically significant $0.00000550 support level.
The ongoing decline intensified scrutiny of price support at this zone, where key moving averages converge. The Relative Strength Index (RSI) has also retreated to 45.30, reflecting a loss of earlier buying momentum and pointing to increasing market uncertainty.
The situation deteriorated further in the derivatives market, as CoinGlass reported that SHIB’s price reversal contributed to forced liquidations exceeding $634 million in trader positions in the past day. Long positions accounted for $572.36 million of these losses, while shorts suffered $61.91 million.
Over-leveraged traders, especially those in long positions, saw a significant wipeout after SHIB failed to sustain its brief upsurge, heightening caution across the market.
These extensive liquidations drained liquidity from SHIB, which has a history of high volatility and false breakouts. The last notable failed reversal attempt occurred in August 2025, forming what is commonly described as a bull trap.
If SHIB loses support below $0.00000530 in the face of continued selling and forced liquidations, technical analysts warn that the recently formed Golden Cross may be invalidated, potentially sending the price below $0.00000450 and resuming its downward trajectory.
Indicator Latest Value Trend/Significance Price $0.00000545 Down 5.72% in 24 hours Support Zone $0.00000550 Testing support, key moving averages converge Long Positions Liquidated $572.36 million Majority of liquidations Short Positions Liquidated $61.91 million Minority of liquidations RSI 45.30 Neutral, fading momentumDespite the ongoing market stress, some investors remain optimistic about SHIB’s long-term outlook, citing the token’s planned integration into the Solana blockchain as a potential catalyst for renewed adoption and use case expansion.
SHIB, launched as a meme-inspired cryptocurrency, has developed a significant community and is seeking to strengthen its ecosystem through technical upgrades and cross-chain developments.
Mini dictionary: Solana blockchain, a high-performance blockchain network known for its fast transaction speeds and low costs, supports the development of decentralized applications and enables interoperability with various digital assets.
Should SHIB stabilize above current price levels, analysts believe the market could absorb recent liquidation pressures and possibly confirm the Golden Cross signal. A successful consolidation may open the path toward intermediate price targets of $0.00000650, and potentially approach the $0.00001000 mark, a psychologically relevant threshold for traders.
Market watchers continue to monitor SHIB for resilience at support, while weighing technical signals and upcoming developments within its ecosystem as determining factors for the meme token’s near-term outlook.
The post Golden Cross appears as Shiba Inu drops 5.7%, $572 million in longs liquidated appeared first on COINTURK NEWS.
