- Shiba Inu slips below key level as selling pressure intensifies
- Crypto market downturn triggers massive liquidations as SHIB volume declines
- Technical breakdown signals continued weakness unless key resistance levels reclaim
A fresh wave of selling pressure has pushed Shiba Inu lower, as broader market weakness continues to weigh on digital assets. The token declined nearly two percent within 24 hours, sliding toward the $0.0000058 range. This movement extends a short-term downtrend that has now erased recent recovery attempts and forced SHIB below a closely watched price threshold.
Across the wider market, most cryptocurrencies recorded losses on both daily and weekly timeframes. Rising U.S. Treasury yields, combined with a stronger dollar, have reduced appetite for risk assets. As a result, capital has shifted away from speculative positions, affecting both cryptocurrencies and related equities. Shares tied to crypto activity, including those of Coinbase and Strategy, also declined in premarket trading.
At the same time, derivatives data reflects the scale of the ongoing correction. More than $268 million in liquidations occurred within a single day. Long positions accounted for a significant majority, with roughly $222 million wiped out as prices moved lower. This imbalance highlights how traders positioned for upside faced rapid losses as momentum reversed.
Also Read: Early Ethereum Investor Cashes Out $23M as Long-Term Holders Increase Selling Activity
Volume Weakness and Technical Breakdown Add to Pressure
Shiba Inu’s decline has also coincided with a noticeable drop in trading activity. Daily volume fell by over 16%, signaling reduced participation from both retail and institutional traders. This decline in liquidity has limited the token’s ability to absorb selling pressure, thereby accelerating its downward movement.
Additionally, SHIB has now dropped below its 50-day moving average, a level that previously acted as resistance during earlier recovery attempts. This technical breakdown reinforces bearish sentiment in the short term. Price action shows that sellers currently maintain control, especially as the token failed to sustain momentum above the $0.000006 mark.
Source: Tradingview
Furthermore, the asset reached intraday lows near $0.00000583, confirming sustained selling interest at higher levels. Market participants appear cautious, particularly as macroeconomic uncertainty continues to influence trading behavior. Consequently, SHIB remains vulnerable to further downside if support levels fail to hold.
Looking ahead, immediate support sits near $0.00000562, with a deeper floor closer to $0.000005. A move below these levels could extend losses. However, a recovery above the 50-day moving average would shift short-term sentiment. In that case, price targets around $0.0000065 and $0.000007 could come back into focus. Shiba Inu’s recent drop reflects a combination of technical weakness and broader market pressure. While key support levels remain in focus, recovery will depend on improved sentiment and stronger participation.
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