Dog cryptocurrency Shiba Inu (SHIB) is trading in red as major cryptocurrencies fell amid broader risk-off sentiment at the start of December.
Shiba Inu fell to an intraday low of $0.00000789, extending its slide into the fourth day since Nov. 27, and was last seen around $0.00000796, down 7.23% in the last 24 hours.
Shiba Inu had attempted a rebound toward November’s close, reaching a high of $0.00000913 on Nov. 28, spurring expectations of removing a zero from its price tag.
However, a forced unwinding of the crypto market is pulling the SHIB price back to the lower end of November’s range, now trading below $0.000008, pausing bulls’ attempt to erase a zero from Shiba Inu’s price.
In the last 24 hours, nearly $637 million in leveraged positions were wiped out across major exchanges, extending losses on major cryptocurrencies. Thin liquidity and ongoing macro uncertainty have contributed to the recent sell-off on the market.
Shiba Inu completes hourly death cross
Amid the recent drop in the market, a death cross pattern, which occurs when a short-term moving average falls below the long term MA, has just appeared on the hourly chart.
An hourly death cross appearing on Shiba Inu’s price chart on the first day of December might not portray positive indications for its short-term price action, but hopes remain.
In a positive twist, a death cross might foreshadow a bottom as the price might have been oversold before the signal appeared.
The year 2025 has seen lackluster action for the SHIB price as it steadily declined upon reaching a high of $0.00003324 in December 2024. Shiba Inu only closed in the green in just two months this year, in April and July, when it recorded gains of 6.87% and 9.02%, respectively.
However, hopes remain as technical and historical trends suggest that Shiba Inu saw a sudden sharp rally after a prolonged period of decline, March 2024 for instance, when SHIB rallied 144%.
In the event of a rebound, Shiba Inu would target $0.00000943 ahead of $0.0000012, which would erase a zero from its price, while support is expected in the $0.000006 to $0.000007 range if the price declines further.