Have you heard about the recent liquidation of $500 million in the crypto market? A “sell the news” sentiment affecting Bitcoin led to a sell-off in the altcoin sector, including meme coins like Shiba Inu. It lost its previous achievement of reaching $0.00001 and dropped towards a critical support level, signaling potential for a bearish trend to come.
SHIB Price Touches New Monthly Low
Shiba Inu (SHIB) has seen a sharp decline, with a 20% drop in just a few hours, reaching its lowest point in the past month. This price plummet, down to $0.00000827 per token, came amidst a $500 million market crash.
Coinglass data shows that Shiba Inu price suffered a total liquidation of over $2.2 million, with a notable increase in derivatives trading volume. There has been a simultaneous 21% decrease in open interest suggesting the influence of market downturn.
Amidst this decline, whale transactions steadily increased, touching 71 transactions, adding heavily to the bearish market sentiment.
Though the market has shown signs of bouncing back, Shiba Inu’s price is still down. As buyers purchased SHIB near the dip, the price has been slowly recovering, currently trading at $0.0000096, reflecting a decline over 9.6% from yesterday’s rate.
What will be Shiba Inu’s next move? Can it defend the support line or will it decline further, facing potential liquidations? Keep an eye on the “sell the news” sentiment and whale transactions to predict the future direction of SHIB price.
With RSI trading around the oversold region, it’s anticipated that a further upward correction is likely to follow. To find out more about the latest occurrence in Shiba Inu’s take a look Read More
