The meme coin Shiba Inu (SHIB) recently faced a technical barrier it could not overcome, despite some early attempts. On the four-hour chart, the 23-period moving average crossed below the 50-period one — forming a local death cross — and the price reacted accordingly. A modest 2.65% drop followed the crossover, as SHIB failed to break out above this short-term structure.
To be clear, the crossover is not necessarily dramatic on its own. It is a common pattern, often appearing in ranging or fading trends. But what made it notable this time is that the price was already hovering near resistance, and the moving average rejection only reinforced that area.
