Shiba Inu (SHIB) has suffered significant losses in the past 24 hours, consistent with the broader market’s decline. The joke token, however, narrowly outperformed its top rival dogecoin.
Key price movements
- SHIB experienced a precipitous decline from $0.000015189 to $0.000014130, constituting a pronounced 7% depreciation.
- The pivotal sell-off was characterized by trading volumes reaching extraordinary levels of 4.33 trillion tokens, substantially exceeding historical trading patterns.
- Multiple technical support levels succumbed to intensifying selling pressure during the final trading hour, with SHIB demonstrating an inability to reclaim the critical resistance threshold at $0.000014200.
- While SHIB fell below the 200-day simple moving average (SMA), a barometer of long-term trends, it still held above the daily chart Ichimoku cloud. The broader momentum is said to be bullish when prices hold above the cloud, a popular trend indicator.
- DOGE, meanwhile, tanked 8.50%, but held well above its 200-day SMA and the Ichimoku cloud.
Key technical levels and indicators
- Significant resistance materialized at the $0.000015460 level on July 22 at 23:00, whereupon the price action reversed decisively lower on an exceptionally elevated volume of 926.18 billion tokens, substantially surpassing the 24-hour average of 676.84 billion.
- A critical technical breakdown occurred on July 23 between 12:00 and 13:00, with valuations plummeting from $0.000014776 to $0.000014035 on an extraordinary volume of 4.33 trillion tokens, establishing formidable resistance at the $0.000014400 level, where selling pressure intensified dramatically.
- Later, the token witnessed an accelerated decline from $0.000014416 to $0.000014125, representing an additional 2% depreciation as SHIB breached successive support levels at $0.000014200, $0.000014000, and $0.000013950.
- Volume surged to 343.37 billion tokens during 13:44 as the cryptocurrency reached an intraday nadir of $0.000014060, before mounting a modest recovery that ultimately failed to reclaim the critical $0.000014200 resistance threshold.
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