Shiba Inu (SHIB) is facing renewed bearish pressure following the formation of a death cross on its 2-hour chart on February 23. This technical pattern, where the 200-period simple moving average (SMA) crossed above the 50-period SMA, signals weakening short-term momentum relative to the longer-term trend and has cast doubt on any near-term recovery for the meme coin.
The death cross appeared immediately after a sharp 4.2% red candle on Monday, accelerating the crossover. This followed a similar bearish signal that first appeared on the 1-hour chart as early as February 19, suggesting the pattern is migrating to higher timeframes. While critics argue the indicator is lagging and merely confirms existing price action, some analysts warn that if the signal progresses to the 4-hour, daily, or weekly charts, it could foreshadow sustained bearish momentum.
The technical deterioration triggered an immediate sell-off, pushing SHIB to test the critical $0.0000060 support zone. Buyers initially stepped in, lifting the price to $0.00000614, but the recovery was short-lived. Broader macroeconomic uncertainty and risk-off sentiment in the cryptocurrency sector dragged SHIB back down, and it has now broken below this key level.
At the time of writing, SHIB is trading around $0.00000592, down 1.56% over the last 24 hours. The coin is now trading below all major moving averages, with the 50-day SMA acting as overhead resistance. The breakdown of the $0.0000060 support—a level that had been successfully defended multiple times, including on February 12—changes the short-term technical picture.
Analysts note that volume patterns show selling pressure has been stronger than buying interest during rebounds. If the $0.0000060 level flips from support to resistance, downside targets at $0.0000057 and $0.0000050 come into focus. For the bearish setup to normalize, SHIB must reclaim and hold above $0.0000060, with subsequent resistance levels to watch at $0.0000066, $0.0000072, and $0.0000078.
