Shiba Inu erased gains from the past week as major cryptocurrencies recorded declines that pushed prices lower. At the time of writing, SHIB was recording 10% losses on a weekly basis.
The last two days saw sharp selling for Shiba Inu alongside the broader crypto market. A selloff in riskier assets swept through cryptocurrency markets as concerns over inflation rattled jittery investors. The crypto declines came in tandem with drops in stock and bond markets.
Shiba Inu has declined since reaching a high of $0.00000668 on May 11, marking four out of five days of losses since this day.
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SHIB/USD Weekly Chart, Image By TradingView
The selling intensified towards the weekend as back-to-back hot CPI and PPI prints earlier in the week contributed to traders betting that the Federal Reserve might hike interest rates rather than cut them.
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Following the selling pressure, Shiba Inu completed a death cross signal on its short-term charts, specifically the 2-hour chart. The 50 MA fell below the 200 MA on the 2-hour chart to produce a bearish death cross signal.
SHIB loses major support
The drop saw Shiba Inu falling below the daily MA 50, a level which it had held above since mid-April. This also coincided with a loss of the $0.000006 level.
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The daily MA 50 is crucial for Shiba Inu price action as it capped its price from mid-January to mid-March before SHIB was finally able to break above it. Despite this, SHIB struggled to sustain above it in April, as bulls and bears tussled for dominance.
Shiba Inu was able to break through in late April, achieving several days of closes above the daily MA 50.
The rise met resistance en route to $0.0000067 with Shiba Inu price falling afterwards. At the time of writing, SHIB was down 1.37% in the last 24 hours to $0.000005838, having fallen below the $0.000006 level. In the coming sessions, a return above the daily MA 50 will be watched as SHIB momentum indicators near oversold levels.
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