SHIB's Golden Cross Gets Left on Read by Not One, But Two Death Crosses

Shiba Inu's technicals are currently sending mixed signals after a golden cross got quickly overturned by double death cross signals. The meme coin saw a golden cross on the three-hour chart in mid-March as the price showed signs of recovery. Spoiler: it didn't last. Any attempts by SHIB to bounce back proved fruitless. The golden cross, a fleeting signal, momentarily suggested a potential upturn and sparked optimism about a surge in buying. Then bears took over. This was followed by two death cross signals forming on the three-hour chart. The brief period after the first death cross actually saw SHIB's price climb, but it was only temporary as short-term momentum remained weak. This mixed signal likely reflects the current market uncertainty. As of this writing, $SHIB had dipped 2.22% over the past day, trading at $0.000005895, though it was up 1% on the week.

The digital asset market continues to show signs of choppiness, with crypto prices stuck in the middle of a trading range spanning back to early February. Persistent low volatility and subdued futures trading suggest general hesitancy across the space. Increasing bearish positioning is evident in the derivatives market as the funding rate stays negative for most cryptocurrencies. Trading remained quiet, with the extended holiday weekend keeping volumes thin. Shiba Inu's volume dropped nearly 36% in the last 24 hours to $70.31 million, according to CoinMarketCap data. The bigger test comes with U.S. inflation data on April 9, which could influence rate-cut expectations. A higher-than-expected figure might reinforce the bearish narrative.