Shiba Inu Slides 7% in Market Pullback, But Maintains Key Technical Support
Shiba Inu (SHIB) posted a 7% decline over the last 24 hours, mirroring a broader market sell-off that saw altcoins retreat sharply. Despite the steep drop, SHIB held above the Ichimoku cloud on the daily chart — a sign that its long-term uptrend may remain intact.
The meme-inspired cryptocurrency slipped below its 200-day simple moving average (SMA), traditionally a bearish signal. However, it managed to outperform Dogecoin (DOGE), which dropped 8.5% but held above both its 200-day SMA and Ichimoku support.
Market Highlights
- Price Action: SHIB tumbled from $0.000015189 to an intraday low of $0.000014130, a 7% loss.
- Trading Volume: Volume spiked to 4.33 trillion tokens — well above typical averages — highlighting intense selling pressure.
- Support Breakdowns: The token broke through multiple key support levels, including $0.000014200, $0.000014000, and $0.000013950.
Technical Breakdown
- Initial Rejection: Resistance at $0.000015460 triggered the first reversal on July 22, with volumes surging to 926.18 billion tokens — well above the 24-hour average of 676.84 billion.
- High-Volume Selloff: SHIB crashed from $0.000014776 to $0.000014035 in just an hour on July 23, cementing resistance at $0.000014400 amid 4.33 trillion tokens traded.
- Late-Session Weakness: An accelerated decline to $0.000014125 followed, with buyers unable to reclaim the critical $0.000014200 resistance despite a brief bounce from an intraday low of $0.000014060.
Trend Analysis
Despite the near-term weakness, SHIB’s price remains above the Ichimoku cloud — a key indicator used to assess broader momentum. While the breach of the 200-day SMA raises caution, the cloud’s support suggests the overall bullish trend hasn’t yet reversed.
DOGE, although down more sharply, retained stronger technical footing, staying above both long-term trend indicators.
Outlook
With meme coins under pressure, SHIB now faces a pivotal test. A recovery above $0.000014400 could signal renewed upside, while continued weakness may open the door to further declines. Traders are watching volume and broader market sentiment closely as volatility persists.
