Shiba Inu Death Cross: Is SHIB Set for a 15% Plunge Below the $0.0000060 Floor?

Shiba Inu (SHIB) Under Pressure After Death Cross Forms on 2-Hour Chart, Testing $0.0000060 Support

Shiba Inu (SHIB) has come under renewed selling pressure following a classic death cross signal on the 2-hour SHIB/USD chart on February 23, 2026. The bearish technical formation—where the 200-period simple moving average (SMA) crossed above the 50-period SMA—has raised doubts about any meaningful near-term recovery for the popular meme coin.

At the time of writing, SHIB trades around $0.00000610–$0.00000614, having briefly dipped to test the critical $0.0000060 support zone in early Monday trading before staging a modest rebound. The token remains below all major moving averages, with any upside likely viewed as a temporary relief rally rather than the start of a sustained reversal.

What the Death Cross Signals

A death cross occurs when the shorter-term moving average crosses below the longer-term average, confirming that short-term momentum has weakened relative to the broader trend. For SHIB, the pattern emerged right after a sharp 4.2% red candle on the 2-hour chart, accelerating the crossover and reinforcing bearish dominance.

The signal first appeared on the 1-hour timeframe as early as February 19, indicating the bearish momentum has been building and gradually migrating to higher timeframes. Technical traders monitor this progression closely: when death crosses appear across multiple timeframes—eventually reaching the 4-hour, daily, or weekly charts—sustained downside pressure often follows.

Critics note that death crosses are lagging indicators, reflecting price action that has already occurred rather than predicting future moves. In SHIB's case, the cross confirmed an existing decline rather than initiating one. However, historical precedent suggests that once the pattern migrates upward through timeframes, bearish continuation becomes more probable.

Sharp Decline Tests Key Support Zone

The death cross triggered immediate selling, pushing SHIB down to the $0.0000060 psychological and technical support level early Monday. Buyers quickly stepped in, driving a brief recovery to $0.00000614, but the bounce proved short-lived as broader risk-off sentiment dragged the meme coin back toward the same zone.

This $0.0000060 area has acted as a reliable demand zone in recent history. On February 12, 2026, buyers defended similar levels and sparked a meaningful rebound. Whether the pattern repeats depends on whether demand remains strong enough to absorb ongoing selling pressure amid weak macro conditions.

Broader cryptocurrency weakness—driven by leverage unwinds, negative ETF flows, and macro caution—continues to weigh on high-beta assets like SHIB. With Bitcoin struggling near $63,000–$64,000 and altcoins facing synchronized declines, SHIB's ability to hold $0.0000060 is under intense scrutiny.

Outlook and Key Levels to Watch

The current setup favors caution:

• A decisive hold above $0.0000060 with increasing volume could signal buyer conviction and set up a relief rally toward $0.0000065–$0.0000070 resistance.
• A clean break below $0.0000060 risks accelerating downside toward lower supports near $0.0000055 or even $0.0000050, especially if broader market sentiment remains risk-averse.
• Traders should monitor momentum indicators (e.g., RSI showing oversold readings) and volume for signs of exhaustion or renewed buying interest.

While the death cross casts a bearish shadow, SHIB has historically shown resilience at major psychological levels. The coming sessions will determine whether $0.0000060 holds as support or gives way to deeper declines amid ongoing sector pressure.

Oleg Dimitrov publication: "Shiba Inu Death Cross: Is SHIB Set for a 15% Plunge Below the $0.0000060 Floor?" was written for 24crypto.news

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