Shiba Inu (SHIB) has seen a sharp decline over the past 24 hours, consistent with the overall market downturn. This week, SHIB’s price has fallen by more than 30% due to global market turbulence.
Key Support and Resistance Levels
- Support: $0.000011
- Resistance: $0.000014
SHIB Hits New Lows
Following a significant liquidation event in the crypto markets, SHIB has fallen back to bear market price levels. With altcoins suffering double-digit losses across the board, SHIB has dropped by 30% this week. The support level currently stands at $0.000011.
Market Panic and Dominant Sellers
Today saw a surge in selling volume, leading to a rapid price drop. Over the past nine days, Shiba Inu has closed each daily candle in the red. There is some optimism that this sharp decline might soon lead to a rebound, potentially testing the key resistance level at $0.000014.
Accelerating Bearish Momentum
The daily MACD shows that the moving averages and histograms are consistently making lower lows, indicating strong bearish momentum. Until this trend reverses, SHIB’s price is likely to continue to drop to new lows.
Conclusion
The sharp decline in Shiba Inu’s price reflects broader market instability and dominant selling pressure. Investors should keep an eye on support and resistance levels and watch market indicators for potential signs of a trend reversal.
