Shiba Inu Tanks 7% With Broader Market, But Outperforms DOGE

SHIB$0.0₅8507 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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