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Dog-themed cryptocurrency Shiba Inu (SHIB) It saw its price decline from its recent highs. Shiba Inu stock has fallen significantly in the past week amid broader caution in risky assets. After a four-day decline, the Shiba Inu rebounded from lows of $0.0000185 in Friday's session, extending the recovery to highs of $0.000024 in Saturday's session. The bounce encountered resistance at this key level, and began to lose steam.
The majority of crypto assets are currently trading in the red, with Bitcoin falling at the start of Sunday's session after approaching the $100,000 level. Bitcoin's decline led to a decline in other cryptocurrencies, and the Shiba Inu was no exception.
According to CoinGlass data, the market decline led to the liquidation of $336 million in cryptocurrency positions, with bullish bets accounting for the majority of that amount, for a total of $247 million.
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the Federal Reserve Markets have been rocked in recent days, signaling lower interest rates next year. Stock markets took a hit, moving into crypto assets, and this extended to crypto assets.
With many markets, especially cryptocurrency markets, on the brink, some strength has come out of assets that have enjoyed significant increases this year.
At the time of writing, SHIB's price has fallen by 7.29% over the past 24 hours to $0.000021, reflecting the ongoing market sell-off. This decline has brought the symbol closer to critical support levels, which are necessary to maintain market stability.
On-chain data highlights key support
according to IntoTheBlock Global Entry/Exit Index The next major support level for the Shiba Inu lies at $0.000019 and $0.00002, where 20.51 trillion SHIB tokens are currently held in 19,330 addresses.
The range remains large given the large amount of SHIB held at these price points. SHIB's concentration at these levels suggests that prices could recover if broader market conditions improve.
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If this support holds, these levels could provide a buffer against further declines, as holders may resist selling, stabilizing the price. Technically, these levels lie within the range of the Shiba Inu's daily moving averages of 200 and 50 at $0.0000187 and $0.0000254, respectively, indicating range trading potential barring a breakout in either direction.
In the past 24 hours, the Shiba Inu has seen an 81% drop in large transaction volume, suggesting that whales may remain on the sidelines waiting for clarity in the markets before making significant moves.
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