Dog-themed cryptocurrency Shiba Inu (Ship) It tested a crucial support area amid the ongoing market sell-off, which saw $854 million wiped out in liquidation across various digital assets.

according to ona crypto analyst, said the range of $0.0000185 to $0.0000212 is the most important support area for Shiba Inu.

The price of the Shiba Inu has fallen below this critical range due to market selling pressure. At the time of writing, Chip is down 11.18% in the past 24 hours to $0.0000179.

The Shiba Inu has fallen extensively since reaching levels above $0.00002497 on January 18. Your Shiba Inu will record six consecutive days of losses if the day ends in the red. Overall, seven out of nine days were marked by losses taken from January 18.

The decline caused SHIB to miss support at the Daily SMA 200 at $0.00001923, which has held since early November 2024. The daily RSI has fallen into negative territory, indicating that profit taking is currently underway.

In the coming days, eyes will be on the Shib to see if it returns to the identified crucial support area, especially the daily SMA 200, which could set the stage for a recovery turn, potentially targeting resistance levels around $0.000025.

Crypto market sees major selling

Crypto markets generated $860 million ranked in the last 24 hours amid a massive sell-off. Bullish bets on a crypto price increase lost $794 million, as Bitcoin fell below $100,000, causing the major cryptocurrency to quickly lose momentum at the start of the week.

Bitcoin It fell below $99,000 early Monday, as traders took profits ahead of the first Federal Open Market Committee meeting of the year in the US, also tracking losses in US stock futures.

Derivatives markets reflected these losses, with Bitcoin liquidations totaling $261 million in the past 24 hours. The Shiba Inu saw $2.3 million in liquidations during this period.

The single largest liquidation order on HTX occurred in a $98.46 million BTC trade.